Michelin Romania May Raise Shr Cap By RON510M At RON950M

The majority shareholder of Michelin Romania, Compagnie Financiere Michelin, part of French tire maker Michelin Group, might hike the share capital of the Romanian company by 510 million lei (EUR1=RON4.2618) to around RON950 million, by cash contribution.

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The shareholders will discuss the issue on October 16, according to an announcement of Michelin Romania.

Michelin Romania currently has a share capital of RON439 million, 99.6% owned by Compagnie Financiere Michelin.

French Michelin group has been operating in Romania since 2001, and currently owns three factories, namely Victoria Floresti, which produces tires for cars and vans, Silvania Zalau, which produces truck and industrial tires, and RomSteel Cord, which produces metallic cord.

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