Transgaz calls GSM to change two board members

Transgaz called a GSM for January 17, 2013 asking shareholders, among others, to revoke the mandate of two members of the Board and to elect other two temporary members, until the implementation of government ordinance 109/2011.

The proposal to replace the two members came from the majority shareholder of Transgaz and targets the current Board President, Victor Alexandru Schmidt and the board member Ionica Raicu. Schmidt is the board member within Transgaz since April 2009.

The company shares are traded for 204 lei in today's session, up 0.1 percent. The company has a market capitalization of 2.4 billion lei ( 534 million euros).

Transgaz  is controlled by 73.5 percent by Romanian state through Ministry of Economy. The other shareholder is Fondul Proprietatea with 14.98 percent, while other shareholders hold 11.5 percent  shares stock.