The statements made over the last few days by the Oltchim management on BCR becoming an Oltchim shareholder, have significantly influenced share prices, prompting the National Securities Commission (CNVM) to look into the events. The shares of chemical plant Oltchim Râmnicu Vâlcea (OLT) lost 6% yesterday after the plant management withdrew previous statements as to BCR's intention to become a shareholder of the plant.
On Thursday the Oltchim management published a release on the Stock Exchange, announcing that the BCR, the biggest bank on the Romanian market, had agreed to become an Oltchim shareholder, by converting into shares part of a loan granted to the plant in 2009, amounting to 72 million euros. The announcement drove Oltchim shares up 12% in Thursday's and Friday's sessions, with the volume of shares traded on Friday being the biggest in three years. At the end of the Friday session, the Oltchim management withdrew its statements, saying the BCR had yet to make a decision on becoming a shareholder.
Oltchim is 55% controlled by the Economy Ministry and has a 17 million-euro capitalisation.
The statements made over the last few days by the Oltchim management on BCR becoming an Oltchim shareholder, have significantly influenced share prices, prompting the National Securities Commission (CNVM) to look into the events. The shares of chemical plant Oltchim Râmnicu Vâlcea (OLT) lost 6% yesterday after the plant management withdrew previous statements as to BCR's intention to become a shareholder of the plant.
On Thursday the Oltchim management published a release on the Stock Exchange, announcing that the BCR, the biggest bank on the Romanian market, had agreed to become an Oltchim shareholder, by converting into shares part of a loan granted to the plant in 2009, amounting to 72 million euros. The announcement drove Oltchim shares up