The shareholders of Romanian soda ash producer Uzinele Sodice Govora (USG) will meet on 6 February 2007 to discuss the decision to convert a ROL 19.85 million (USD 7.64 million/5.88 million EUR) debt …
The shareholders of Romanian soda ash producer Uzinele Sodice Govora (USG) will meet on 6 February 2007 to discuss the decision to convert a ROL 19.85 million (USD 7.64 million/5.88 million EUR) debt to utility CET Govora into equity as part of a capital increase, USG said on 8 January 2007. USG plans to issue 15.887 million new shares, each with a nominal value of ROL 2.5 (USD 1.0/EUR 0.7), raising capital to ROL 125.28 million (USD 48.2 million/EUR 37.08 million). Of the total, 7.943 million shares will be offered to CET Govora, which is also one of the company“s shareholders. USG“s shareholders will also approve the decision to change the company name to USG Ciech Chemical Group SA, following the takeover by Poland“s Ciech Chemical Group on 26 October 2006. Prior to the acquisition USG was owned by CET Govora with 49.84 % and Begacom with 40.44%. USG closed the first nine months of 2006 with a loss of over ROL 24 million (USD 9.23 million/EUR 7.1 million), double from a year earlier, and a turnover of ROL 94.92 million (USD 36.52 million/EUR 28.09 million). USG, in the southwestern district of Valcea, exports 80% of its annual output to 80 countries.