Proinvest Paşcani, a company specialized in steel processing, owned by Romanian entrepreneur Vasile Sandu, is preparing to issue bonds worth RON 141 million (EUR 30 mln) and list them on the Bucharest Stock Exchange to finance a EUR 100 mln investment program.
Vasile Sandu told Ziarul Financiar that he is also considering selling a 25% stake in the company through an initial public offering (IPO).
"Given the macroeconomic environment in which we operate as well as the specific sector, the solution of issuing bonds and selling a minority share on the Bucharest Stock Exchange is the most appropriate financing strategy for Proinvest Group,” Sandu said.
He added that both operations are scheduled to take place in 2023.
The company is currently in talks with the partners that will assist it in this process.
Proinvest posted EUR 29.7 mln (+28% year-on-year) turnover and EUR 1.15 mln (+49% year-on-year) net profit in 2018.
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