Asirom to increase its share capital by €27.3 mln

Some 929.6 million shares will be issued following the share capital increase, worth RON 0.1 (€0.02) per unit, to which an issue premium worth €0.02 is to be added. Shareholders will contribute a total €55.6 mln, of which half will be allocated to the capital increase and the remainder will be used as company reserves.

Shareholders also decided to change the company’s name to Asigurarea Romaneasca-Asirom Vienna Insurance Group, and to implement a double management system, through a supervisory board and a directorate.

Asirom is controlled by lender Vienna Insurance Group, which owns 98.4 percent of the local insurer.

The company ranks second on the local insurance market, in terms of gross premiums subscribed, with a 10.5 percent market share. It posted losses worth €1.4 mln in the first nine months of 2007 and income from insurance premiums exceeding €144 mln.
Vienna Insurance Group also controls local insurance companies Omniasig, Unita, Omniasig Asigurari de Viata and Agras.