AAGES to list on Bucharest Stock Exchange on Monday

AAGES will list on the Bucharest Stock Exchange (BVB) on Monday under the AAG symbol.

Alongside company representatives, the event will be attended by BVB CEO Ludwik Sobolewski, BVB president Lucian Anghel and CEO Goldring Virgil Zahan.

“We belong on the stock exchange. Our company reached maturity when we already did not need to invest a lot of the profit for development. We can afford to redistribute a substantial share of the profit as dividends. On the other hand, as we are interested to expand the market in terms of geography and diversity, there is an opportunity to make important investments. Getting listed on the stock market means passing an exam. For a company that has a vision, that knows what it wants to do, which stands on its feet, stock exchange listing is a possibility,” AAGES CEO Gabor Molnar said.

AAGES shareholders obtained RON 5.49 million from the sale of 15 percent of the company’s shares for listing on the Romanian capital market, the website of the BVB shows.

The 1.5 million shares were purchased by 485 investors with RON 3.7050 per share. On 6 June 2017, the listing prospect was published by means of initial secondary public offering.

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The total value of the offer was between RON 4,725,000 and 5,850,000 according to the price range established within the offer.

The main shareholders are AAGES Headinvest, which owns 5.5 million shares, representing 54.99 percent of the capital, Molnar Gabor Jozsef, with 1.05 million (10.55 percent), and Sytec Finance GmbH with half a million shares 5 percent). RCC Consult also owns 4 percent and the rest are held by other natural persons.

The company manufactures installations and equipment for metal induction heating. Most of the company’s turnover, 70 percent, is made on foreign markets, with most customers coming from Germany, Hungary, Turkey and China.