January 17 (SeeNews) - Romanian chemicals producer Chimcomplex Borzesti SA Onesti [BSE:CRC] started trading on the main market of the Bucharest Stock Exchange after moving from the alternative trading segment AeRO where it was the largest company, the bourse said on Monday.
"The presence on the regulated market opens new horizons, and the increase in free-float may lead to a higher interest of local and international investors and, at the same time, may include the inclusion of Chimcomplex shares in FTSE Russell indices, which will strengthen the emerging market status of the Stock Exchange," Bucharest Stock Exchange CEO Adrian Tanase said.
At present Chimcomplex Borzesti has a market capitalisation of almost 8 billion lei ($1.8 billion/ 1.6 billion euro).
Chimcomplex is the second company to move from the AeRO market to the main market, Standard Tier, after IT company Bittnet Systems in June 2020.
"Over the past six months, we've delivered essential products to 54 countries on five continents for about 600 customers. The investments of over 245 million euro ($280 million) carried out by Chimcomplex in recent years have created the premises for efficient and sustainable development. Projects of over 55 million euro are currently in the final execution phase and projects of over 125 million euro are in preparation and start execution," Chimcomplex Borzesti CEO Victor Avram said.
Chimcomplex was established in 1954 in Borzesti, Onesti.
Chimcomplex posted a turnover of 1.7 billion lei in the first nine months of 2021. The company is owned by CRC Alchemy Holding, with 85% of the shares, and by the Romanian State, through the Authority for the Administration of State Assets, with 8.9%. The rest of the share capital, of about 5%, is owned by legal and retail investors persons.
Its shares were trading 3.82% lower at 25.2 lei at 1207 CET.
(1 euro=4.9440 lei)