Transgaz GSM decisions
Transgaz shareholders approved in yesterday’s GSM the Equity Option and Funding Agreement and the Cooperation Agreement already signed by the shareholders of Nabucco Gas Pipeline International (NIC) with Shah Deniz consortium members. The budget of NIC for 1H 2013 also received the shareholders’ approval. Mid-2013 Shah Deniz is expected to decide between Nabucco and Trans Adriatic Pipeline.
Cemacon - Finish fund reports it owns 5.5% of the company
According to a release to the stock exchange, KJK Fund II, a Finish fund dedicated to investments in public and private equities, reported that it owns some 5.5% of the building materials producer Cemacon (CEON). Additionally, some 23% of the share capital of CEON changed hands yesterday at a price of RON 3 mn (RON 0.05 per share, up 6% compared to previous day closing price). During the last week, the company’s shares more than doubled. We remind that over 2012, CEON sales advanced by 26% yoy to RON 35 mn, while volumes increased by 11% yoy. Bottom line remained in red and deepened to RON 11 mn from RON 7 mn during 2011, negatively impacted by the high interest burden.