PCC Ups Stake In Oltchim To 15.7%, Shares Continue Rally

05.26.2011 By Andrei Cîrchelan

German PCC SE on Wednesday bought 1.9% of Romanian state-run firm Oltchim (OLT.RO), for 5.9 million lei (EUR1.43 million), thus upping its stake in the chemical company to 15.7%.

The 6.5 million shares were bought at RON0.9077 per unit.

On the other hand, British Carlson Ventures International Ltd sold 20,000 shares at RON0.82 per unit, reducing its stake to some 13.9%.

On the main market early Thursday, Oltchim shares were gaining 14.98%, to RON1.059, on a traded value which stood at RON1.5 million by 10:54 am.

Oltchim stock jumped over the past three sessions by a total 52.6%, as speculators moved on cues from the firm's largest private shareholders, Carlson Ventures International Ltd and PCC SE.

PCC bought a 0.86% stake, while the British investment fund bought a smaller stake.

In addition, the state-owned chemical plant announced it has invested EUR3.8 million in a project to start the first petrochemistry installation at the Arpechim refinery. (EUR1=RON4.129)