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Oct 26, 2007 18:03 EEST
October 26 (SeeNews) - Romanian aircraft manufacturer Aerostar said on Friday it plans to carry out a 1-to-10 share split.
Each Aerostar share, which has a face value of 2.5 lei ($1.07/0.75 euro), will be split into 10 shares with a nominal value of 0.25 lei, the company said in a statement. Shareholders will vote on the proposal at a meeting on December 14.
The statement did not give the reasons for the share split and company officials were not immediately available to comment.
Share splits are usually designed to improve liquidity of the shares and enable more small shareholders to buy them.
After the split, Aerostar's equity capital of 29.3 million lei will be distributed in 117,136,530 shares.
The company’s stock closed down 1.10% at 17.9 lei on the Bucharest Stock Exchange (BVB) on Friday.
Aerostar has projected a net profit of 10.2 million lei for this year, down from 13.5 million in 2006. Turnover is seen at 131.5 million lei, down from nearly 141 million last year.
(1 euro = 3.3508 Romanian lei)
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