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Romania's Aquila plans Bucharest IPO

Romania's Aquila plans Bucharest IPO Source: Aquila

BUCHAREST (Romania), October 22 (SeeNews) - Romanian consumer goods and logistics distribution company Aquila said on Friday it plans to increase its capital by up to 50% through an initial public offering (IPO) on the Bucharest Stock Exchange, BVB.

Aquila intends to offer investors on the BVB up to 66,666,800 new shares, equal to 50% of the 133,333,600 shares issued by the company so far, it said in a press release.

The offering is subject to market conditions and the approval of its prospectus by the Romanian Financial Supervisory Authority, ASF, Aquila added. The company plans to list its shares on the regulated market of the BVB.

Founded in 1994, Aquila is distribution market leader in Romania, successfully operating in Moldova as well. The company employs over 3,000 people.

In 2020, Aquila booked a net profit of 60 million lei ($14 million/ 12 million euro) on a turnover of over 1.8 billion lei.

Earlier this month, the European Bank for Reconstruction and Development (EBRD) said it approved a 5 million euro ($5.82 million) long-term loan to Aquila.

In July, Aquila said that it successfully completed the integration of Agrirom, a company specialized in the distribution of temperature-controlled food products. The completion of the Agrirom integration process is part of a broader business consolidation programme that also included, at the end of 2019, the absorption of Seca Distribution and the integration of its activity within Aquila.

(1 euro=4.9467 lei)