Romania's FORT lists on Bucharest bourse's AeRO market

The company’s listing follows a share capital increase and a private placement which ran from November to December 2023 and attracted 1.67 million lei ($364,001/335,671 euro), the BVB said in a press release on Friday.

After the placement, FORT issued 33,527 shares, with an individual nominal value of RON 0.1, at a price of RON 50 per share.

FORT intends to use the funds generated through the private placement to acquire companies with a similar activity and to consolidate business partnerships, as per the statement. The company is considering further capital increases and bond issues, and plans to distribute dividends and free shares to its shareholders.

"The AeRO market continues to be the right place for emerging and growing companies. The Romanian capital market gives them access to various financing mechanisms and, at the same time, visibility and notoriety. FORT steps today onto the scene of listed companies and, through their presence on the stock exchange, strengthens the IT&C sector in the local capital market," said Radu Hanga, president of the Bucharest bourse.

Founded in 2007, Bittnet is an IT solutions and training group comprising sixteen companies. It runs nine commercial brands split across four business lines which include education, digital infrastructure, cyber security, and software. In 2023, the group booked a preliminary consolidated net profit of 609,245 lei on total consolidated revenues of 383.2 million lei.

Shares in FORT changed hands 0.97% higher at 52 lei as at 0900 CET on Monday on the AeRO market of the Bucharest bourse.

Bittnet Systems' shares traded 0.9% lower at 0.221 lei as at 0900 CET on Monday on the BVB.

(1 euro=4.9751 lei)