Siretul plans disposal of defunct asset to fund repurchase of stocks
30 Jun '06
1 min read
Since, textile manufacturer Siretul Pascani do not possess majority shareholdings; a request is placed before the shareholders' for endorsing and authorizing the Board of Directors to invest 2 million euros to purchase shares.
In order to meet the investment the company will proceed to sell a building presently unutilized in the production process, an approval for which from shareholders has also been placed in the Extraordinary General Meeting scheduled for July 22, 2006.
Major shareholders of the company are SSIF Broker and SIF Transilvania.
Dan Berinde, chairman of the board of directors of Siretul quoting to media sources informed that Siretul had 2.97 million RON (0.8 million euros) including cash in bank accounts and was positioned to pursue aggressive policies as it has reached a healthier stage in further development.
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