Amonil to increase its share capital by €20 mln to cover debts

Meanwhile, some 10 percent of the company, listed on the Bucharest Stock Exchange (BVB), changed owner yesterday during the BVB session, acquired by two shareholders for €3 mln. Sources said the shareholders, two companies, have a total 52 percent of shares. "Their target was to become majority shareholders, to have absolute control" over Amonil, and they are not interested in buying further stocks, sources said. They added that the companies plan to increase Amonil's share capital to cover the company's debts.

In addition to debts exceeding €20 millions to Distrigaz Sud, the fertilizer producer is also indebted to two companies exporting Amonil products.

In the first nine months of 2007, the company posted losses worth €2.85 mln from €2.48 mln in January-September 2006).