Romania's Romcarbon To Buy Back up to 5.0% of Its Shares

Romcarbon plans to buy back up to 9.3 million shares at a price between 0.3 lei and 1.5 lei ($0.1-0.5/0.07-0.4 euro) per share over a period of 12 months, it said in a statement after a shareholders meeting on Monday.

Romcarbon shareholders also approved plans to take a 5.0 million euro ($6.8 million) loan from Raiffeisen Bank to finance a new production line. The record date is January 7.

Romcarbon's share capital is distributed in 186,457,267 shares with a nominal value of 0.10 lei each, BVB data indicated. Shares in the company were last traded at 0.555 lei by 0850 GMT on Tuesday, unchanged from the previous close.

Romcarbon (www.romcarbon.com) was established in 1952. As of end-June, Taiwanese company Living Plastic Industry was the largest single shareholder in Romcarbon with a 32.52% stake, according to the Central Depository.

Romcarbon manufactures filters for the automotive industry, gas masks, polyethylene bags, PVC pipes, polypropylene bags and packaging foil. It is also one of the leading manufacturers of polystyrene food containers, Romania's largest maker of filters and the country's only producer of active charcoal.

(1 euro = 3.957 Romanian lei)