Romanian snacks producer wants to raise EUR 1 mln by bond issue

Golden Food Snacks, a Romanian manufacturer of chips and snacks under the Elmas brand, has put up for sale bonds worth RON 4.7 million (EUR 1 mln), Profit.ro reported. BRK Financial Group intermediates the bond offer.

The bonds are guaranteed with the company's brand Elmas, which is a first for the Romanian capital market. The company has also started the procedures for listing the bonds on the Bucharest Stock Exchange.

Golden Food Snacks is controlled by GF Holdings Limited, registered in Cyprus and owned by Greek businessman Konstantinos Mitzalis.

The bonds sold through private placement addressed to a limited number of investors have a maturity of 3 years and a coupon of 9% per year, payable quarterly. The issue will be considered successfully completed if investors place orders for at least RON 1.66 mln.

Born in Chicago, Mitzalis studied in the US and developed the brands Tasty Foods and Star Foods, which he later sold to PepsiCo.

In 2009, Golden Food Snacks acquired the Elmas brand, which sells peanuts and seeds. The company, with a factory in Filipestii de Padure, also delivers seeds under the Deli brand, as well as dehydrated fruits, potato chips, corn snacks and powders under Kido and Ringos brands. The company also delivers private label products for major retailers such as Carrefour, Cora, Mega Image, Metro, Profi, and Real.

(Photo source: Pixabay.com)