Sucu to raise 4m euros for Samus Mex

Dej-based furniture manufacturer Samus Mex, which is controlled by businessman Dan Viorel Sucu, has launched a primary public offering of shares worth over 4 million euros in order to increase the company’s share capital. The offering has already been endorsed by the management and is to be put out following endorsement by the National Securities Commission (CNVM).

“We are now putting the public offering prospectus together, which has to be sent to the CNVM for approval,” said Mihai Olti, secretary of the Board of Directors of Samus Mex.

At the moment, 15,364,511 shares are being offered at a par value of 1,000 ROL with an issue premium of 10,000 ROL. The broker in the transaction is financial investment company Romintrade SA of Brasov.

At the end of last year, Samus Mex Dej began a share issue to increase its capital by more than 65.1bn ROL (approximately 1.6 million euros), putting out 65,104,500 shares with a par value of 1,000 ROL. The sale price was 1,000 ROL/share.

Of the total shares, 49,739,989 were subscribed by shareholders exercising their pre-emption rights, with the remaining 15,364,511 left to be sold by primary public offering.

Samus Mex’ has a share capital of 21.7bn ROL (540,000 euros). The company last traded for 3,950 ROL, with the capitalisation amounting to some 2.2 million euros.

“The capital increase was carried out in order to decrease the financial costs; the only way to reduce borrowing is to raise capital,” said Mihail Gadei, Samus Mex administrator.

The majority shareholder in the company is Dan Viorel Sucu, who controls the Mobexpert Group. Dan Viorel Sucu held 63% in the company prior to the capital increase. Samus Mex is listed on the RASDAQ.

The company turnover was in region of 13 million euros for 2003, the same as for the previous year. It is aiming for a turnover of around 15 million euros in 2005.

“2004 was a difficult year in terms of exports. On the other hand, we invested in renewing our product ranges in 2004 and expect these investments to pay off in 2005, when we intend to expand exports to the Netherlands, Italy and the US. The domestic market has grown and we expect the trend to maintain,” Gadei added. georgiana.stavarache@zf.ro