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Romanian heating systems maker AAGES starts trading on Bucharest bourse main market

Romanian heating systems maker AAGES starts trading on Bucharest bourse main market AAGES factory, Romania

BUCHAREST (Romania), June 19 (SeeNews) – The shares of Romanian induction heating systems manufacturer AAGES [BSE: AAG] started trading on the main segment of the Bucharest Stock Exchange (BVB) on Monday, bourse data indicated.

AAGES shareholders raised 5.49 million lei ($1.33 million /1.29 million euro) from the sale of 15% of the company’s shares after listing on the Romanian capital market, BVB said in a press release.

"Our company has reached maturity, and we no longer need to invest a lot from our profit in development and we are able to allow a considerable part of the profit to be distributed as dividend," AAGES CEO Gabor Molnar said.

The offer for the sale of 1.5 million company shares closed at 3.7 lei per share. At this price, the company's capitalization exceeds 37 million lei.

"Everything that AAGES does is designed and built here, locally. 'Made in Romania' is more than just a label, it is a phenomenon showing that Romanian businesses have the ability to create quality products and services that can gain more value and recognition through the capital market," BVB CEO Ludwik Sobolewski said.

AAGES, an acronym for Association for the Application of Static Generators, was founded 26 years ago by ten Romanian researchers. The company is headquartered in Sangeorgiu de Mures, near Targu Mures in central Romania. Currently, the company has over 140 employees, generates a turnover of over 5 million lei and exports over 70% of its production.

The company's main shareholder is AAGES Headinvest, which owns 54.99% of the capital and Molnar Gabor Jozsef with 10.55%. The rest of 34.46% is on a free float on the BVB.

AAGES shares were trading at 3.83 lei on Monday at 1533 CET on the BVB.

(1 euro=4.5859 lei)