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Oct 25, 2022 18:04 EEST
October 25 (SeeNews) - Bulgarian electric vehicle (EV) manufacturer Sin Cars Industry [BUL:SIN] intends to list on Euronext Amsterdam at the end of 2024 with the aim of increasing its capital to finance the planned construction of a new factory in Romania, the company said on Tuesday.
The new plant represents a significant investment and the completion of the project requires the raising of substantial additional capital, the company said in a bourse filing.
You can download the 2023 Automotive industry in Southeast Europe report here
Sin Cars already launched in October a Bulgarian share offering to increase its capital to up to 34.2 million levs ($17.37 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 to 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.
Sin Cars said that it 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.
The company said in September it aims to manufacture about 100,000 cars per year by 2030. If the expansion goals are achieved, Sin Cars’ annual revenue may exceed 5 billion euro ($4.97 billion) by 2030, the firm said at the time.
By 1529 CEST on Tuesday, Sin Cars shares traded flat at 1.08 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)
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