Romanian biodegradable packaging producer Promateris boosts capital
Romanian plastics producer Promateris (PPL), formerly known as Prodplast, controlled by local businessman Florin Pogonaru, has raised RON 13.5 mln (EUR 2.77 mln) through a capital increase operation.
The company's shareholders subscribed 13.3 million shares, representing 99.5% of the total number of shares in the offer, according to the calculations of Ziarul Financiar.
In the first stage, held between November 11 and December 12, 2020, 361,535 shares were subscribed at the subscription price of RON 1 per unit. In the second stage of the increase, almost 13 mln shares were subscribed, at the price of RON 1.01 per unit, by compensating some claims amounting to RON 13.1 mln held by the company's shareholders.
Prodplast is a company founded in 1957, which initially focused on manufacturing plastic products. In recent years, amid the transition to green materials, the company has decided to launch packaging products made from compostable, biodegradable materials or plants under the brand Biodeck. Currently, some 75% of the company's products are biodegradable.
In the first nine months of 2020, the company had a turnover of RON 81.7 mln (EUR 16.8 mln), up 51% compared to the same period of 2019, and an operating profit (EBITDA) of RON 9.6 mln (almost EUR 2 mln), up 94% year-on-year.