The Board of Directors of car parts maker Compa Sibiu (CMP) has pulled out of a merger deal with its wholly-owned Enercompa SRL, over high costs for inventory valuation, according to a press release remitted to Bucharest Stock Exchange.
In return, Compa will lease from Enercompa the cogeneration groups designed for the production of thermal power and electricity for 130,000 lei/month. The Board of Directors said it had also approved the transfer of eight workers from Enercompa.
The company reported a net profit of 298,560 lei (70,748 euros) for the first half, 14 times lower than a year earlier.
Compa has a share capital of 21.88 million lei, divided into 218.82 million shares at a face value of 0.10 lei.
The majority shareholder of the company is Asociatia Compa SA that holds 54.6% of the capital while Artio Global Management fund has reduced its holding to below 5%.
