* The shareholders have given special powers to he company"s Executive Board for a year allowing it to perform a share capital increase of up to s2.8 billion lei
Shareholders of "OMV-Petrom" (symbol: SNP) have decided in last week"s General Meeting of Shareholders to postpone the decision on the share capital until a subsequent Shareholder Assembly. The plan was to increase the share capital by incorporating several plots of land owned by the state and by requesting cash contributions from the holders of preference rights, according to a press release sent on Friday to the Bucharest Stock Exchange.
The decision comes as the Ministry of the Economy, which controls 20D% of the company, has requested the postponement of the share capital increase by 201.8 million lei, almost two weeks before the General Meeting of Shareholders.
The initial proposal was to increase the share capital by a maximum of 201.8 million lei, by incorporating several plots of land contributed by the Romanian state, with an estimated value of 41.6 million lei, and by contributions in cash from other shareholders.
In turn, the shareholders of the company have decided to empower the Directorate of "Petrom" for a year, to perform a share capital increase of up to 2.8 billion lei. The officials of the company have said that the share capital increase is needed to finance the investments of up to 1.5 billion a year scheduled for the next five years.
For 2010 alone, the company has budgeted 6.9 billion lei in investments, up 67% over last year, with the bulk of this amount being intended for Exploration and Production.
* A LLC company to handle the company"s marketing
"Petrom" shareholders have also approved, on principle, the spin-off of the assets and liabilities related to three business units of the Marketing Division of the company (OMV Petrom SA, OMV Pet
