Polish Selena hikes capital of Romanian subsidiary by EUR 11 mln

Polish construction materials distribution group Selena increased the share capital of its Romanian subsidiary by RON 57 million (over EUR 11 million), according to Economica.net, quoting data from the Official Journal.

The money is needed to recapitalize the company, but also to cover losses, including those incurred in 2023, the cited document also states. If necessary, the company may operate a capital reduction afterward.

Selena Romania achieved a turnover of RON 50.6 million in 2022, up 16% y/y, but reported RON 3.28 million losses. Although the business of the Polish group grew steadily year after year in Romania, the last profitable year for the company was 2007.

In 2012, Selena took over the manufacturer of adhesives and mortars Euro MGA. Selena EuroMGA reported RON 18.9 million and RON 1.2 million net profit in 2022.

Selena Group was founded in 1992 in Wrocław and has 1,800 employees. Its production facilities are located in Poland, China, Romania, Turkey, Spain, Kazakhstan, South Korea, and Italy, and its products are available in the markets of almost 100 countries around the world. Selena also carries out research activities with laboratories in Poland, Romania, Turkey, Spain, and Italy.

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