Vrancart plans to sell shares

Paper and cardboard group Vrancart Adjud, Romania’s top toilet paper producer, intends to put out a primary public offering with a view to listing on the Bucharest Stock Exchange. Its majority shareholder, SIF Banat-Crisana, was forced by the old capital market legislation to delist Vrancart from RASDAQ, having come to own over 90% in shares in the company. Vrancart will attempt to sell 80 million new shares with a par value of 1,000 ROL. Investors will be able to buy shares at a price of 1,300 ROL, with the total offering worth 104bn ROL ($3.1 million). The offering will be brokered by IFB Finwest, SIF Banat-Crisana’s own brokerage company. “We have already put together a company presentation for potential investors. The public offering will most likely be put out in December, as soon as CNVM (the National Securities Commission) approves the prospectus,” says Octavian Molnar, IFB Finwest chief executive. ZF