Romanian Aerostar To Hike Shr Cap By RON8.2M, To RON37.4M

04.13.2011 By Andrei Circhelan

Shareholders of Romanian plane parts maker Aerostar Bacau (ARS.RO) Wednesday agreed on a capital increase by 8.2 million lei (EUR1=RON4.1152), to RON37.4 million, a dividend payment worth a total RON8.2 million.

This year's dividend will thus be of RON0.07 per share, 3% higher than the one paid in 2010.

The company's preliminary financial reports show a net profit of RON11.2 million in 2010, up 10% on the year.

The funds contributed in the share capital hike will be used on investment.

The operation will involve increasing the face value of stock to RON0.32, from RON0.25, without changing the number of shares.

In addition, the company seeks short-term credit worth RON18.5 million and a four-year credit line worth RON5.2 million.

Aerostar is 71.09% owned by Iarom Bucharest, while regional investment fund SIF Moldova (SIF2.RO) holds a 12.07% stake.

Company shares were last traded on April 11, at a price of RON1.1, flat on the day.

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