Oltchim Board Member Resigns After SIF Oltenia Walkout

04.29.2011 By Andrei Circhelan

One managing board member at Romanian chemical company Oltchim (OLT.RO) resigned Thursday, since regional investment fund SIF Oltenia (SIF5.RO) left the company’s shareholding structure.

One managing board member at Romanian chemical company Oltchim (OLT.RO) resigned Thursday, since regional investment fund SIF Oltenia (SIF5.RO) left the company's shareholding structure.

Mihaela Deniza Dragoescu's resignation was acknowledged in a board meeting on April 28. She was temporarily replaced by Ion Ionescu, who will be confirmed in a future shareholder meeting.

SIF Oltenia sold its 6.5% stake in Oltchim for 10 million lei (EUR2.46 million) early-April.

The chemical company is 54.7% owned by the economy ministry, while german PCC holds 12.1% since 2007.

Oltchim plans a revenue of RON2.43 million this year, up 71% from 2010, coupled with a swing top profit, after four consecutive years of loss.

Company shares closed Wednesday at RON0.4166, down 1.35% on the day. (EUR1=RON4.076)