No L 159/46 Official Journal of the European Communities 12. 6. 92 (Acts whose publication is not obligatory) COMMISSION COMMISSION DECISION of 27 November 1991 concerning aid granted by the Italian Government to Nuova Cartiera di Arbatax (Only the Italian text is. authentic) (92/296/EEC) THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, and in particular the first sub- paragraph of Article 93 (2) thereof, Having, in accordance with the abovementioned Article, given notice to the parties concerned to submit their comments to it, Whereas : Nuova Cartiera di Arbatax (NCA) was constituted on 23 May 1988. Its initial capital of Lit 200 million was subscribed by Societd finanziaria industriale rinascita Sardegna SpA (SFIRS) (55 %) and by Cartiera Burgo SpA (45 %). In July 1989 its capital was increased to Lit 100 billion, consisting of Lit 56 billion ordinary shares and Lit 44 billion privileged shares. Additional shareholders were the companies SIVA SpA and SAF SpA, belonging to the Ente nazionale per la cellulosa e la carta (ENCC), the Credito industriale sardo (CIS) and Cartiera di Toscolano SpA. The capital of NCA was now subdivided as follows : (in Lit billion) Shareholders Ordinary Privileged shares shares Burgo 16,4 . Toscolano 16 '_ CIS 16 - — SFIRS 6 _ ENCC (SIVA + SAF) 16 44 CIS also provided a loan of Lit 14,5 billion to NCA, whereas SFIRS provided a loan of Lit 10 billion. The possibility was left open for the ENCC to provide an additional Lit 12 billion in other forms than ordinary shares at a later stage. Neither the provision of capital nor the provision of loans by public entities was notified to the Commission in advance pursuant to Article 93 (3) of the Treaty. On 11 July 1989 NCA took over the largest manufacturer of newsprint in Italy, Cartiera di Arbatax, which had been declared insolvent on 25 March 1985 and had been put under amministrazione straordinaria by decree of the Minister of Industry dated 16 April 1985(). NCA’s conduct of business was now managed by Burgo. () Gazzetta ufficiale della Repubblica italiana No 93, 19. 4. 198S.