EnglishA group of shareholders of Contor Group Arad, who jointly own 20.11% of the company, have asked the general manager of the company to come up with a plan to reduce the company"s outstanding receivables, in a general meeting of the shareholders scheduled for the end of the month.
The shareholders which made the request include SIF Banat-Crişana, Middle Europe Opportunity Fund, MEI Roemenie en Bulgarije and Carcaradon.
At the end of last year, the Arad-based maker of water and heat metering devices had receivables amounting to 32.9 million lei, 10.8% higher than in 2008, and the company"s debts stood at 57.86 million lei, up 4.8%. The shareholders are also interested in conducting a 3.8 million lei share capital increase, to 19.3 million lei, by incorporating earning from the previous years. As a result, the company will issue 38.7 million shares, with a face value of 0.1 lei. The new shares will be distributed free of charge to shareholders, on a proportionate basis, with each shareholder to receive one new share for every four shares owned.
Last year, Contor Group posted a net profit of almost 1.1 million lei, up 11% YOY, while in 2010 it expects to make a net profit of 4.1 million lei, 3.7 times higher YOY, on the back of a 13.2% increase in turnover, to 49.6 million lei.
The company is controlled by the general manager and chairman of the Board of Directors, Tudor Caracioni, who owns 61.44% of the company through the company called Contor Caracioni.
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