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Romania’s STK Properties goes public, eyes 21 mln lei (4.25 mln euro) market cap

Author Tudor Popescu
Romania’s STK Properties goes public, eyes 21 mln lei (4.25 mln euro) market cap Source: BVB

BUCHAREST (Romania), May 18 (SeeNews) - Romanian real estate developer STK Properties started trading on the AeRO market of the Bucharest Stock Exchange (BVB) and anticipates a market capitalisation of 21 million lei ($4.47 million/ 4.25 million euro), the bourse announced on Wednesday.

The company's shares are traded under the STKP ticker, the BVB said in a press release.

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The company’s stock exchange debut comes after a private placement of shares in March, in which 40 investors participated. STK Properties sold 1,552,300 shares at the time, at a price of 2.25 lei per share.

"We thank the investors who have given us their confidence and participated with us in this project which is a premiere for the Cluj real estate market, namely the development of a real estate project with the public participation of investors, who thus have the opportunity to have exposure in a field that brought good yields in recent years" president and CEO of parent company STK Financial Nicolae Pascu said.

The company aims to reach a total net profit of 14.7 million euro ($15.47 million) following the completion of a real estate project in Cluj by 2027. The project envisages the construction of 240 flats, 520 parking spaces and a nursery.

STK Emergent, a local equity funds active on the closed equity fund market, is the majority shareholder of STK Properties, with 83.3% of the share capital.

As of 1229 CET on Wednesday, STK Properties traded at 2.42 lei per share and 15,096 shares had been traded, bourse data showed.

STK Emergent shares were trading 1.67% higher at 61 lei on Wednesday as at 1339 CET on the BVB.

(1 euro = 4.9472 Romanian lei)

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