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|29 June 2018, 2:44 PM|
By Jerom Bolt
The aluminum producer Alro Slatina / Romania published the prospectus for the sale of 53% of the shares. The shareholders of the company, the Russian group Vimetco and Conef SA, are selling 383.79 million shares of Alro Slatina, which it hopes to raise a maximum of 2.37 billion lei.
The maximum bid price is 6.18 lei per share, shows the document published on the company's website.
"By selling the shares offered according to the offer, it is expected that the shareholders will receive a total of 2,371,829,245 lei. The commissions and the total estimated expenses to be paid by the selling shareholders in relation to the offer are about 84.8 million lei, "the prospectus shows.
The sale requires up to 383,791,140 shares offered: up to 356,889,569 shares offered by Vimetco and up to 26,901,571 shares offered by Conef.
At the date of the prospectus, the number of shares issued, representing the issued, subscribed and paid-up share capital of the company, is 713,779,135 shares, each of which is paid in full and has a face value of 0.5 lei per share.
"The offer is divided into two installments as follows: an initial number of 326,222,469 shares offered, representing 85% of the initial number of shares offered to certain qualified investors (...)" institutional investors "and an initial number of 57,568. 671 shares offered, representing 15% of the initial share offered, which will be addressed to retail investors through a public offering in Romania ", the document states.
According to the latest data, Vimetco owns 84.18% of Alro's shares, and the largest minority shareholder is Fondul Proprietatea, with 10.21%.
Alro announced on June 18 that Vimetco and Conef intend to launch a public offer for the sale of the company's shares.
"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 working together for many years with a clear strategy to continue to increase Alro's presence among key customers throughout the European Union and beyond, and with a proven track record of growing the company and obtains financial performance, "said Marian Năstase, president of Alro.
The Alro Slatina Group has approximately 4,200 employees.
The Group, together with its subsidiaries, is one of the largest vertically integrated aluminum producers in Europe after production capacity with operations in all significant segments of aluminum production.
The group consists of upstream and downstream divisions, from activities that include the exploitation and refining of raw materials to the production and sale of primary and processed aluminum products (including flat rolled products and extruded products).
Using bauxite extracted from the Sierra Leone mines in Africa, the group produces alumina, the main raw material used to produce aluminum, which is processed in the Tulcea refinery in Romania.
The total measured and indicated bauxite resources that can be extracted from the mines exploited by the group on 1 January 2018 were estimated by the group at 53.6 million tonnes, which Alro considers sufficient for a period of approximately 20 years operations (according to current production rates). In 2017, the group produced 1,787,716 tonnes of bauxite and 472,606 tonnes of alumina, respectively.
The Group's 2017 sales and EBITDA amounted to ROL 2.7 billion (approximately $ 679 million) and ROL 566 million (approximately $ 140 million).
The group exported products in more than 30 countries in 2017, and the main export markets for primary products were the Czech Republic, Italy, Hungary, Bulgaria and Poland.
The aluminum production and processing units belonging to the group are located in Slatina, Romania. They produced about 282,000 tonnes of primary aluminum in 2017, of which about 56% was used internally in the production of processed aluminum products, which in the same year amounted to approximately 109,000 tonnes.
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