Vimetco Plans To Sell Up To 21% In Smelter Alro

05.18.2011 By Florentina Dragu

Netherlands-based Vimetco and Romania’s Conef SA want to sell up to 20.96% of their 87.96% stake in aluminum smelter Alro Slatina, in a deal estimated at 575.9 million lei (EUR138.9 million).

Romania's securities commission CNVM Wednesday approved a preliminary prospectus for the public offering, filed last week by Vimetco and Conef.

A consortium made of Unicredit CAIB Securities Romania, ING Bank and Raiffeisen Capital & Investment will broker the deal.

Vimetco owns 84.19% in Alro, while Conef -- a subsidiary of Alro -- holds 3.77% of its shares. Romanian investment fund Fondul Proprietatea owns a 10.03% stake.

Alro reported net profit of RON120.24 million (EUR29.2 million) in the first quarter, more than double on the year.

Wednesday, Alro closed down 3.77% at RON3.85 a share.