Romanian chemical group Chimcomplex raises EUR 4.5 mln from four investors

Romania's biggest chemical group, Chimcomplex (CHOB), picked up four investors ready to subscribe more than EUR 1 million each in a capital increase operation.

Thus, the company issued 6.1 million new shares and raised EUR 4.5 mln from the four new investors, who now hold a 2.6% stake.

This was the first step of a bigger capital increase aimed at financing the investments and the functioning of the two industrial platforms operated by the company - Chimcomplex and Oltchim.

In the last six weeks, the group's Board of Directors has negotiated with 64 investors who wanted to subscribe to the capital increase operation. The other 60 investors were invited to participate in the next stage of the capital increase, which will open by the end of 2021.

Chimcomplex's shareholders will approve the issue of another 129 mln shares, or nearly 55% of the current number of shares. In the first stage, the existing shareholders will be entitled to buy 55 new shares for every 100 shares held at the book value (nearly three times cheaper compared to the market value). In a later stage, the shares unsubscribed in the first stage will be sold to other interested investors.

The company also announced that it completed the first stage of its strategy to prepare for listing on the Warsaw Stock Exchange.

Chimcomplex is currently listed on the Bucharest Stock Exchange (BVB), where it has a capitalization of RON 823 million (EUR 168 mln).

Since the beginning of this year, its shares rallied by 43%. In 2020, the company recorded a turnover of RON 1.2 bln (EUR 240 mln) and a net profit of about RON 95 mln (EUR 20 mln).

The company's majority shareholder is CRC Alchemy Holding, registered in the Netherlands and controlled by local investor Stefan Vuza, which controls close to 87.8% of the company's shares.

The Romanian state holds a 9.2% stake while the free float is only 3%, according to the latest reports on the Bucharest Stock Exchange.

(Photo courtesy of the company)