Romanian IT group plans to issue EUR 10 mln bonds by 2020

Bittnet Systems, one of the fastest-growing IT&C groups in Romania, plans to issue one or more bond issue with a total value of up to EUR 10 million by 2020. The company’s shareholders will vote on this proposal on December 17. The company also plans to transfer its shares from the alternative trading system of the Bucharest Stock Exchange, AeRO, to the main market. Bittnet, which was founded by Romanian entrepreneurs Cristian and Mihai Logofatu, who control some 54% of its shares, listed on AeRO in May 2015. Since then, the company has developed through a series of capital increases and bond issues, which helped it draw capital for buying local competitors. The company currently has a market capitalization of RON 53 million (EUR 11.4 million). Romanian IT group Bittnet sees 60% increase in turnover editor@romania-insider.com