Netherlands-based group Vimetco, owned by Russian investor Vitaliy Machitski, is looking for options to reduce its stake in Romanian aluminum producer Alro Slatina.
The group currently owns an 84% stake in Alro, one of the biggest industrial companies in Romania.
“Vimetco is exploring strategic options for a potential decrease of its ownership stake in the company and is reviewing any available options depending on market conditions, including a secondary public offering of shares on the Bucharest Stock Exchange,” Alro said in a note to investors.
The review is ongoing and no decision has been made yet, according to the same note.
Alro was one of the most profitable companies on the Bucharest Stock Exchange last year. The company recorded a net profit of RON 391 million (EUR 84 million) and will pay dividends worth RON 382 million (EUR 82 million). The dividend yield is over 15% considering yesterday’s closing price of RON 3.4 per share.