KPMG Advisory, the special administrator of insurer Astra Asigurari, started the first stage of the company’s capital increase, by RON 70 million (some EUR 15.8 million). The first stage of subscription is only for existing shareholders and is open until October 1, 2014.

“The prospectus addresses only to existing shareholders and we rely on their support in this first step to recapitalize the company, a step that will successfully keep the company in the process to realign it to the applicable prudential criteria,” according to KPMG representatives.

Astra was placed under special administration by decision of the Financial Surveillance Authority (ASF) in February this year.

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