November 2 (SeeNews) - Chronostyle International, the company that owns and operates the Cellini jewellery stores, listed a 1.6 million euro ($1.85 million) bond issue on the multilateral trading system of the Bucharest Stock Exchange (BVB), the bourse said on Friday.
The bonds are traded under the CELL 25 ticker, the BVB said in a press release.
The company issued and sold in a private placement 16,000 corporate bonds of 100 euro each.
The securities have a maturity of five years and a fixed annual coupon rate of 7%, payable on a quarterly basis.
The company plans to use the funds to expand its network of stores and increase online sales.
In the following two years, the company aims to expand in Timisoara, Cluj-Napoca and Iasi, and will continue collaboration with retailers in other localities.
The first Cellini store was opened in 1999.
Chronostyle lnternational took over the Cellini store network in 2016. Currently, the network includes nine own stores and a watch repair shop and employs 59.
The company swung to a net profit of 831,000 lei ($194,300/167,900 euro) in the first half of 2021, compared to a 1.2 million lei loss in the same period of 2020. Its revenues jumped by an annual 70% to 17.8 million lei in the first six months of 2021.
Chronostyle lnternational is 95% owned by Swiss company Henri Maillardet AG and Nicolae Dragos with 5% of the share capital. Henri Maillardet is wholly owned by Romanian entrepreneur Raluca Simu.
(1 euro=4.9488 lei)