BUCHAREST (Romania), September 2 (SeeNews) - Appraisal & Valuation, a company focused on appraisal, consulting and real estate development services, started trading on the alternative market of the Bucharest Stock Exchange, the bourse said on Thursday.
The company's shares are traded under the APP ticker on the AeRO market, the bourse said in a press release.
The listing comes after a private placement in June, through which Appraisal & Valuation raised 4.4 million lei ($1.05 million/ 890,000 euro) from 115 investors. Within the private placement, 387,000 shares were put up for sale at a price of 11.5 lei each.
"Apart from organic growth, at the market rate, we aim to use the funding leverage that the capital market provides in running operations that target acquisition of companies in related or similar sectors to increase our capabilities, access new categories of customers, and at the same time attract the best experts to our team," CEO and founder Andrei Botis said.
"We aim to continue to conduct capital increases with contribution from the shareholders, to fund our growth projects, while maintaining the shareholders’ motivation to stay with us, by capitalising profits and the recurrent distribution of free shares, probably every year."
Under its development strategy for 2021 – 2023, the company plans to extend its business by mergers and acquisitions of companies in the valuation sector, to attract more professional staff and to expand on other markets.
The company recently announced that it will invest about 2 million euro ($2.37 million) in consolidating another business segment, i.e. the development of residential properties on land owned by the group companies, in Bucharest and the surrounding area.
For 2021, the company expects to book a turnover of 6.15 million lei, as profit is seen at the 2020 level. In 2020, the company posted a net profit of 610,000 lei, almost double on the year, on a turnover of 4.84 million lei.
Appraisal & Valuation was founded in 2010 and is active in Romania and Moldova.
(1 euro=4.9386 lei)