The 37 million euros receivable will be directed to Iberian Structured Investments, controlled by the Generali group. The others shareholders will be able to underwrite 1.83 shares for each title owned, NewsIn informs.

The main shareholder recently acquired 16.87 percent of the share capital from small players, who received 20.23 million lei. Generali PPF controls now indirectly 98.87 percent of Ardaf.

The insurer posted a loss of almost 36 million lei in the first quarter of the year, versus a profit of 434,380 lei in the same period of 2008. The turnover decreased by 39 percent.