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January 23, 2022

PCC won’t take part in Oltchim capital increase

PCC, the minority shareholder of the Oltchim plant, has proposed the Romanian government a bigger share capital increase than the one tied to the conversion of the claim which the AVAS has against the company, which would include all of the plant’s debts, bursa.ro reports. Wojciech Zaremba, the representative of PCC SE in Romania, said that the conversion would have been useful, if it had included all of the debts of the plant. “Under the current circumstances, PCC will not participate in the share capital increase proposed by the Romanian state. Why invest our money into a void? Even if the share capital gets done, the Oltchim plant will be left with over EUR 600 M in debt, it owes EUR 200 M to Electrica alone”, he mentioned. Furthermore, the company has no working capital, its environmental obligations amount to approximately EUR 100 M , than there are the debts towards the banks, to Salrom, to the CFR. “We are worried that if we participate in this share capital increase, the Romanian state will make Oltchim insolvent”. According to the calculations made by BURSA, if it does not participate in the capital increase, PCC will be left with approximately 0.5 per cent  of the shares of Oltchim.

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