January 27 (SeeNews) - Romanian real estate company Impact Developer & Contractor [BSE:IMP] said that it has established a new subsidiary, Impact Alliance Moldova, a construction company responsible for the group’s projects in the northeastern Moldova region.
Impact Alliance Moldova will manage the Greenfield Copou project in the city of Iasi as well as future projects developed by the group in the region, Impact said in a statement filed with the Bucharest Stock Exchange on Thursday.
The new company will focus on sustainably building large-scale residential projects, using local labour as well as materials and services from local suppliers.
The establishment of the new subsidiary has been undertaken under Impact’s vertical integration strategy, previously reflected in the acquisition of a majority stake in RCTI Company and the creation of its own architecture and design company, Impact Alliance Architecture, in 2022.
In 2021, Impact Developer & Contractor booked a net profit of 64.8 million lei ($14.4 million/13.2 million euro) on a 32.1 million lei turnover, employing 66, latest data from the finance ministry indicated.
Shares in Impact Developer & Contractor traded 2.21% higher at 0.37 lei as at 0957 CET on Friday on the Bucharest Stock Exchange.
(1 euro=4.8922)