October 27 (SeeNews) - Bulgarian electric vehicle (EV) manufacturer Sin Cars Industry [BUL:SIN] said it expects to raise at least 100 million euro ($100.62 million) from its potential listing in Amsterdam.
The additional capital will be used to fund the planned construction of a new factory in Romania, Sin Cars said in a press release on Wednesday.
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The firm revealed a day earlier its intention to list on Euronext Amsterdam at the end of 2024, seeking additional financing as the Romanian project requires a significant investment.
Earlier this month, Sin Cars launched a share offering in Bulgaria, aiming to increase its capital to up to 34.2 million levs ($17.59 million/17.49 euro million) from 20.5 million levs. For the purpose, the company will issue up to 13.7 million shares at a price of 1.14 levs apiece.
The ongoing capital increase will help the manufacturer raise capacity at its existing plant in Ruse, Bulgaria, and fulfil orders for electric cars next year. Overall, Sin Cars aims to achieve sustainable sales of electric cars in 2023 and multiply production with the new plant in Romania.
The firm has already signed a framework agreement with representatives of Romania's Giurgiu municipality to specify details related to the following stage of the project. That stage involves the work until the design is completed and a building permit is obtained.
($ = 0.9939 euro)