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Shareholders Cut Price for 42.2% of Romania's VES by 32%, Extend Offer to Dec 21

Nov 3, 2009, 4:08:34 PMArticle by Kristina Belkina
share
BUCHAREST (Romania), November 3 (SeeNews) – Shareholders of Romanian household appliances maker VES has cut the price in the secondary offering of a 42.1944% stake in the company to 5.9 million lei  ($2.0 million/1.4 million euro) from 8.7 million lei sought earlier, the Securities Commission said on Tuesday.

Shareholders Cut Price for 42.2% of Romania's VES by 32%, Extend Offer to Dec 21

The shareholders - one company and thirty-three individuals - will offer a combined 39,372,482 VES shares at 0.15 lei per share, down from 0.22 lei per share asked earlier this year, the commission said in a statement to the Bucharest Stock Exchange, BVB.

They also extended the offering by 30 working days to December 21, it added.

Data from the Central Depository showed that as of June 30, W.B.S. Romania Bucuresti owned 11.58% of VES, individual investor Idifta Bucur held a 11.54% stake, and smaller investors owned the remainder.

VES shares were traded 8.97% down at 0.0715 lei on the BVB by 1140 GMT on Tuesday.

The company has revised its forecast for its 2009 financial performance, turning to expectations of a loss of 278,000 lei from an earlier planned gross profit of 1.17 million lei. It reported a net profit of 787,650 lei for 2008, 44% up from a year earlier.

VES (www.ves.ro), based in Sighisoara, central Romania, manufactures enamelled cookware, barbecue grills, stoves and other household appliances made of enamelled, painted or galvanised steel.

(1 euro=4.3062 Romanian lei)

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