Astra Asigurari Puts Up For Sale 160M Shares To Hike Share Capital By RON425M

06.02.2015 By Gabriela Stan

Insurer Astra Asigurari, under special administration, has put up for sale 160 million shares at a face value of RON2.66 each, in a move to hike the insurer's share capital, which was imposed by the Financial Supervisory Authority ASF.

Thus, the company plans to raise the insurer's capital by RON425 million.

The raise will be performed in two stages, the first of which will last a month and will allow existing shareholders to exercise their preference rights on the new shares. The second stage will last five working days and will target shares left unsubscribed from the first.

In February 2014, Romania's financial authority placed Astra under special administration, suspended shareholders' voting rights and appointed KPMG as special administrator.

Astra Asigurari is the third largest insurance company in Romania, after Allianz-Tiriac and Omniasig. It had underwritings of RON777.24 million in 2014.