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Probably in a context of weak demand, Alro's brokers extend the 3-day subscription period and let the free distribution sector subscribe at 4.00 lei / share, compared to 6.18 lei / action, and will benefit from the reduction of 7%
The Financial Supervisory Authority (ASF) today approved the amendment to the prospectus relating to the public offer of sale of Alro Slatina (ALR), through which the majority shareholders Vimetco and Conef put on the market nearly 54% of the aluminum shares. According to him, the offer is extended for 3 days, until July 19, the price being set between the levels of 3.50 lei / share – 4.00 lei / share.
Previously, the offer was to be closed on July 16th. In July, the maximum price was set at 6.18 lei / share, and no indication was given on the minimum price.
Individual investors may subscribe at a price of 4.00 lei / share, with the benefit of a discount of 7% which, in the initial prospectus, was applicable only until July 5th. .
The medium-term adjustment of a consortium consisting of Deutsche Bank, UBS, BT Capital Partners, BCR and Group Company Générale intervenes in low investor participation. retail business. At the end of the day, 353 orders were issued for 6.23 million shares representing 10.83% of the tranche. Most of these subscriptions, equivalent to 10.77% of the available securities in this segment, were completed on July 5th.
At closing price of 3.68 lei / share, capitalization Alro's market share amounts to 2.62 billion rubles (562.28 million euros).
The aluminum producer in Romania had announced the offer since mid-May, but a new confirmation arrived earlier this week. "This is good news for Alro.Alro has become a key player in the global aluminum market, with a strong history, scale and international presence.We have a strong management team that works together for many years with a clear strategy to continue to increase the presence of Alro with key customers throughout the European Union and beyond, "said Marian Năstase, President Alro.
Alro is one of the issuers with good financial results, so the Aluminum Company has distributed dividends worth 382 million lei, or 7 times more than the price paid for privatization. [19659003] Investors in Alro Slatina (ALR) (19659014) Alro Slatina, under the control of Russian billionaire Vitali Machitski, signs a credit of 167 million dollars for 3 years with a union of 8 banks
Last year, primary aluminum sales fell 1.95 percent to 151,000 tons from 154,000 tons, while in the aluminum treated segment, shipments rose by 6.49% to 82,000 tonnes from 77,000 tonnes. The company's business rose to 2.47 billion ROL in 2017, up 15.42% over the previous fiscal year, but the focus on the High value-added segment contributed to a fourfold increase in net income.
Due to a 15% increase in business and increased sales of converted aluminum, Alro Slatina achieved a net profit of 318 million lei in history of the company in 2017.
In the first three months of this year the year, the company had a net profit of nearly 125 million lei, almost half of the record net profit for any l & # 39; year.
Alro Slatina, founded in the mid-1960s, was privatized by the Romanian state in 2002 to the Russians, then called Marco Group, the price paid being about 11.5 million, about 7 times lower than the dividends earned this year. The market value of the company has steadily increased and the company's market capitalization is 2.49 billion rand.
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