Romania Feed

The situation of the GFG group, the main shareholder of steel plant Liberty Galati, will not affect the operations of Liberty Galati, where GFG’s investment plans have not been shelved, says Ajay Aggarwal, member of the board of directors of the plant in Romania and chief executive of GFG.

Automotive component supplier Eckerle Automotive, the local subsidiary of Germany’s Eckerle group, ended 2020 with a net profit of nearly RON10.2 million (EUR2.1 million), 3.5-fold higher than the net profit of over RON2.9 million (EUR621,000) in 2019, per finance ministry data.

One United Properties, one of the most active real estate developers of residential, office and mixed-use projects in Bucharest, said it plans to list its shares on the main market of the Bucharest Stock Exchange, and its intention has been approved within the Extraordinary General Meeting of Shareholders held Monday (April 19).

The Bucharest Stock Exchange, which operates the Romanian capital market, will distribute investors a gross dividend of RON1.0672 per unit, the equivalent of a 4.2% yield, per its shareholders’ decision of April 19, 2021.

Swedish Tetra Pak Group, world leader in food processing and packaging solutions, has appointed Lyndsey Loyden-Edwards to the position of general manager of for operations in Eastern Europe, including Romania.

Romania's finance ministry on Monday raised 533 million lei (EUR108.2 million), compared with a RON500 million target, selling treasury bonds maturing in October 2027 at an average yield of 2.77%, central bank data showed.

Provita Group, one of the leading medical center providers in Romania, founded by dr. Ovidiu Palea, said it will be investing EUR12 million in a multi-disciplinary hospital after signing a 25-year lease for 11,000 square meters in Immofinanz' Iride Park in Bucharest.

Online furniture and home decor retailer Vivre Deco has raised EUR7 million selling corporate bonds via private placement brokered by TradeVille.

Reff & Associates | Deloitte Legal has been recognized again this year as a top law firm by the independent international publication EMEA Legal 500 in nine practice areas: real estate and construction, banking and finance, commercial, corporate and M&A, employment, tax, EU and competition, PPP and procurement, TMT and dispute resolution. The ranking assesses law firms in over 150 jurisdictions and is based on feedback from 300,000 lawyers working for in-house legal departments, on information submitted by law firms and interviews with leading lawyers.

Grand Plaza Hotel, which owns the Sheraton hotel in Bucharest, has sold the Neptun complex in the seaside resort of Neptun, for EUR5 million to Onix Residence.

Austria's Immofinanz, one of the largest real estate groups in Central and eastern Europe, said Monday it has concluded a long-term rental contract for roughly 11,000 sqm with the Provita Group, one of the leading medical center providers in Romania.

Logistics developer Element Group, founded by Ionut Dumitrescu, announced Monday it has acquired a 2.7-hectare land near Pitesti, in close proximity to the A1 highway.

Developer Portico Investments Romania, advised by Colliers, has completed the sale of six retail buildings to Praktiker Real Estate and Lidl Romania, in two transactions amounting to EUR8.5 million.

The mergers and acquisitions market in Romania decreased 26% on the year in volume in the first quarter of 2021, with just 42 transactions announced compared with 53 transactions in the same period last year, a report by PwC Romania showed Monday.

BRK Financial Group (BRK.RO), the only brokerage company listed on the Bucharest Stock Exchange, reported a consolidated net profit of RON10.7 million for the first quarter of 2021, compared with a loss of RON4.7 million in the same period in 2020.

Fast-food restaurant chain Burger King grew to six restaurants in Romania at the end of last year after having opened three in 2020, a report of Poland’s AmRest group, which holds the franchise of the US brand in Romania and on several markets in the region such as Poland, Czech Republic, Bulgaria and Slovakia, shows.

The seven private pension funds operating on the mandatory segment in Romania (Pillar II) had assets of RON80.2 billion at the end of March, RON5 billion higher compared with the beginning of the year.

The difficulty in securing raw material is one of the major issues the construction industry is facing in 2021, say the officials of paint and coatings manufacturer Fabryo bought by Netherlands’ AkzoNobel in 2018.

Standard & Poor's Global Ratings has revised the outlook on Romania's sovereign rating to stable from negative due to decreasing fiscal risks, while maintaining the rating at BBB-/A-3.

Consumer spending rose a lot in small cities of less than 50,000 people in the first two months of 2021 compared with the year-ago period, so sales of food, personal and household care products went up 14%, a survey by market research company RetailZoom shows.