Romanian Pay TV Co. RCS&RDS Mulls Hiking Capital To RON250M

Description:

Romanian satellite TV, phone and internet company RCS&RDS will discuss in September hiking its share capital to 250 million lei (EUR1-RON4.2173) by cash payment or through compensation of exigible and liquid receivables.

The capital increase will be debated in a shareholders' meeting September 17. If approved, the operation will include issuing 2.078 billion shares with a face value of RON0.1/share.

The shares may be underwritten within a month since the holders' decision is published in Romania's Official Journal.

With more than 5 million customers, RCS&RDS also operates in Hungary, the Czech Republic, Croatia, Slovakia, Serbia and Spain.

RCS&RDS is one of the biggest debtors on the local market, following a series of loans it took to expand operations locally and internationally.

According to Finance Ministry data, the company's debts totaled RON1.665 billion at the end of 2007.

The RCS&RDS group reported turnover of $700 million in 2008, up 40% on the year.

Source: www.mediafax.ro