May 18 (SeeNews) - Romanian agribusiness company Agricover Holding said that it decided not to continue with the planned listing of its shares on the Bucharest Stock Exchange as it would be unable to meet the expected parameters under the current market conditions.
"With a solid financial situation and being fully aware of the geo-political, macroeconomic, and financial markets context, we took a calculated risk. We will carry on with our plans knowing that our innovative business model will deliver our profitability and growth targets," Liviu Dobre, CEO of Agricover Holding, said, as quoted in a company statement on Wednesday.
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The company was planning to list up to 833.33 million shares at a maximum price of 0.5 lei ($0.1/0.1 euro) per share, according to the IPO prospectus published on its website.
Agricover was established in 2000 by local entrepreneur Jabbar Kanani. The European Bank for Restructuring and Development (EBRD) became a shareholder in the holding company with 12.7% in 2017.