SIF Oltenia sells Altur's losses

The shares were sold on the main Stock Exchange market at an average of RON 0.21/per share.

"We decided to make room for investors with better knowledge in the field. In fact, SIF is an investment fund, and we will retain 25 percent of the shares. Altur needs several million euros in investment, of which some five million for technological upgrades alone.

There is also a need for working capital. Altur faced difficulties because export payments are made 100 days after delivery, while the company's main supplier, Alro Slatina, reduced the term of payment to 30-50 days. This is one of the reasons that will determine losses in H1, following two years without profits," SIF Oltenia Vice President, Tudor Ciurezu, told Business Standard.

Altur Slatina's value on the market increased by €2.6 million, amounting to a total of €20.6 million, following the maximum increase allowed by the Stock Exchange of 14.76 percent, to RON 0.241/per share. The company's value increased yesterday more than it did throughout the entire year.

Since January, Altur shares increased a mere 7.14 percent by Tuesday's session.

"The possible takeover by Ford Motor Company of Automobile Craiova did not influence our decision, since Altur is not one of its suppliers. Approximately 90 percent of the company's production is exported," said Ciurezu.

By the end of the trading session 65 percent of Altur's shares were transferred in 1,557 transactions for €11.6 million.

The company's main products include alluminum alloy components for Audi, BMW and VW brake systems.