Romanian organic fertilizer producer wants to raise money for expansion in US
Romanian organic fertilizer producer Norofert plans to raise up to RON 10 million (EUR 2.1 million) through a bond issue on the Bucharest Stock Exchange’s AeRO market.
The company aims to use the money for expanding to the US market and working capital.
“We need capital for the homologation of our products for entering the US market, which is a rather expensive process, given the wide range of products we have,” Norofert CEO Vlad Popescu told Ziarul Financiar daily.
“The rest of the capital will be used for working capital, to answer the growing demand for Norofert products and to expand the service and product portfolio,” he added.
Popescu also said the company’s results for the whole year will be better than initially estimated. By mid-September, the company recorded revenues of RON 16 million (EUR 3.4 million), the level estimated for the whole year, he said.
The company is currently waiting for its shares to be admitted to trading on the AeRO market of the Bucharest Stock Exchange. In July, Norofert raised EUR 1.5 million through a private placement on the Bucharest Stock Exchange in just one day.
(Photo source: Shutterstock)