{"id":235755,"date":"2005-05-19T15:04:00","date_gmt":"2005-05-19T15:04:00","guid":{"rendered":"http:\/\/new.moldova.org\/2005\/05\/19\/red-centrus-social-capital-down-by-158-million-lei-due-to-losses-2742-eng\/"},"modified":"2005-05-19T15:04:00","modified_gmt":"2005-05-19T15:04:00","slug":"red-centrus-social-capital-down-by-158-million-lei-due-to-losses-2742-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/red-centrus-social-capital-down-by-158-million-lei-due-to-losses-2742-eng\/","title":{"rendered":"Red-Centru's social capital down by 158 million lei due to losses"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

\"\"
\nThe power distribution grids (RED) Centru has reduced its social capital by more than 158 million lei (12.6 million dollars), after the National Commission for Securities (CNVM) lowered the nominal value of a share from 100 lei down to 60 lei. Thus, RED Centru adjusted the value of net assets to value of the social capital, in line with legislation in effect. <\/p>\n

The general meeting of shareholders decided to lower the social capital on January 12, 2005, with participation of both shareholders of the company – Union Fenosa International and the European Bank for Reconstruction and Development (EBRD). <\/p>\n

A RED Centru representative told the CNVM on Thursday that the net assets of society dropped much below social capital because of the low tariff for distributed electricity, and this fact generated large losses in 2004 and in the first trimestre of this year. <\/p>\n

To mention that the CNVM registered on March 4, 2004 an additional share issue worth 289.34 million lei for RED Centru, with a 100-leu nominal value of share. The Madrid-based Union Fenosa International owned about 95 percent of RED Centru shares and the EBRD 5.05 percent after registration of the new stock. <\/p>\n

Until July 2001, Union Fenosa-Moldova was the only owner of the power distribution grids Chisinau, Centru and Sud, which it purchased at a contest in early 2000. The EBRD purchased share packages of up to ten percent in these societies on the out-of-exchange market in summer 2001.<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>The power distribution grids (RED) Centru has reduced its social capital by more than 158 million lei (12.6 million dollars), after the National Commission for Securities (CNVM) lowered the nominal value of a share from 100 lei down to 60 lei. Thus, RED Centru adjusted the value of net assets to value of the social […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-235755","post","type-post","status-publish","format-standard","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

\"\"
\nThe power distribution grids (RED) Centru has reduced its social capital by more than 158 million lei (12.6 million dollars), after the National Commission for Securities (CNVM) lowered the nominal value of a share from 100 lei down to 60 lei. Thus, RED Centru adjusted the value of net assets to value of the social capital, in line with legislation in effect. <\/p>\n

The general meeting of shareholders decided to lower the social capital on January 12, 2005, with participation of both shareholders of the company – Union Fenosa International and the European Bank for Reconstruction and Development (EBRD). <\/p>\n

A RED Centru representative told the CNVM on Thursday that the net assets of society dropped much below social capital because of the low tariff for distributed electricity, and this fact generated large losses in 2004 and in the first trimestre of this year. <\/p>\n

To mention that the CNVM registered on March 4, 2004 an additional share issue worth 289.34 million lei for RED Centru, with a 100-leu nominal value of share. The Madrid-based Union Fenosa International owned about 95 percent of RED Centru shares and the EBRD 5.05 percent after registration of the new stock. <\/p>\n

Until July 2001, Union Fenosa-Moldova was the only owner of the power distribution grids Chisinau, Centru and Sud, which it purchased at a contest in early 2000. The EBRD purchased share packages of up to ten percent in these societies on the out-of-exchange market in summer 2001.<\/p>\n

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