German group PCC has recently bought another 3.6 percent stake in Romanian chemical plant Oltchim  (OLT) for EUR 2.3 million, increasing its stake to 15.75 percent. PPC's total investment in the company's shares amounts to about EUR 8.5 million.

“PPC's main objective is a successful participation in the privatization of Oltchim and purchasing the majority stake held by the Romanian Ministry of Economy, following an open and transparent process of privatization”, said Wojciech Zaremba, PCC's representative in Romania.

From the beginning of May, the price of Oltchim's shares on the Bucharest Stock Exchange hasmore than doubled, due to growing transactions. The company's value has climbed to EUR 88 million, compared to EUR 16 million in mid-February.

Oltchim holds debts of over EUR 550 million. Romania has pledged to privatize Oltchim chemicals producer at the request of the International Monetary Fund. The main shareholder in Oltchim is the Romanian state, with 54.8 percent of the shares. Another shareholder besides PCC is Nachbar, which was listed with a stake of 14 percent.

Irina Popescu, irina.popescu@romania-insider.com