Romanian dairy producer to issue EUR 2-3 mln bonds
Romanian dairy producer Agroserv Mariuta, present on the market with the 'Laptaria cu Caimac' brand, plans to issue bonds worth EUR 2-3 million and list them on the Bucharest Stock Exchange, Profit.ro reported.
The company ponders expanding abroad in Spain, Italy, and Luxembourg, for the beginning. Local brokerage firm BT Capital Partners will manage the bond placement, which will be addressed to less than 150 people. The bonds, with a maturity of at least four years, will not be convertible.
In an interview in July, the company's manager, Adrian Cocan, said that he expected a financing price "close to the market's average," which was around 4.3% at that time (for bonds denominated in euro).
"We need money for investments. We started exporting, and we are present in stores in Spain. We hope that next week we will reach the shelf in Italy and Luxembourg as well," Cocan announced at that time.
In Romania, the company sells its products in about 600 local stores, including 400 in the Mega Image chain.
It reported RON 40.2 mln (EUR 8.9 mln) turnover in 2019 (from RON 35.9 mln in 2018) and just over RON 3 mln (EUR 0.66 mln) net profit from RON 2.4 mln in 2018, with over 130 employees.
The company owns one of the largest dairy farms in Romania, with approximately 2,500 animals, of which 1,000 are dairy cows.
(Photo: Maximusnd/ Dreamstime)