February 18 (SeeNews) - Romanian stainless steel products and accessories producer INOX [BSE: INOX] listed a 1 million euro ($1.2 million) bond issue on the Bucharest Stock Exchange, the bourse said on Friday.
The company will use the proceeds to buy new equipment, restore existing facilities and further develop production of surgical masks and filter material, the stock exchange said in a press release.
"Today we continue, with the support of our investors, to develop and produce post-pandemic masks, for the safety of medical professionals and especially for all of us protection, in a sign of respect for oneself and for all those around us," INOX president Ion Bazac said.
INOX sold 10,000 non-convertible and unsecured corporate bonds in a private placement in early September. The bonds have a nominal value of 100 euro, with a maturity date in September 8, 2024, and a coupon of 8% per annum, payable on a quarterly basis.
INOX was established in 1937 as a producer or jewelry and silverware, silver and nickel plated cutlery. Its shares have been listed on the exchange since February 22, 1997. Over time, the company has undergone successive transformations both in the field of activity and in the development of technology, becoming the most important manufacturer of stainless steel components and equipment in Romania.
In 2020, the company opened a new production line of surgical masks and filter material, and by the end of 2020 this new field of activity had reached 24% of the total turnover.
INOX currently has 66 employees.
The company registered a turnover of 12.4 million lei in 2021, up 37% compared to 2020.
Its shares were trading 4.21% higher at 0.99 lei on Friday on the Bucharest Stock Exchange at 1153CET.
(1 euro=4.9445 lei)