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Romania May Scrap Oltchim Capital Boost Before Sale, ZF Says

Aug. 23 (Bloomberg) -- Romania’s Economy Ministry may abandon a planned capital increase in Oltchim SA, a chemical company, before selling its majority stake, Ziarul Financiar reported, citing Remus Vulpescu, who heads the ministry’s office responsible for industrial-asset sales.

The ministry, which had planned to boost Oltchim’s capital by as much as 2 billion lei ($558 million) by converting a debt owed to the state into shares, may scrap the plan after failing to reach agreement with minority shareholders, ZF said.

The authorities will try to sell Oltchim’s debt together with the state’s majority stake, Vulpescu told the newspaper.

To contact the reporter on this story: Andra Timu in Bucharest at atimu@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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