Vrancart sells shares on BSE

Paper and cardboard manufacturer Vrancart Adjud is to put out a public offering over the next few weeks in which it will sell 175bn ROL (4.8 million euros) in shares with a view to listing on the capital market. The prospectus has already been submitted to the National Securities Commission (CNVM). The duration of the offering will be known only after endorsement by the Commission. Vrancart intends to sell 116 million new shares with a par value of 1,000 ROL each on the Bucharest Stock Exchange (BSE) at a price of 1,500 ROL. The company’s share capital currently stands at 352bn ROL (10 million euros), and the offering accounts for one third of the paper manufacturer’s current capital. If Vrancart is successful in selling all the shares, it will then have 25% of its capital traded on the BSE. Vrancart Adjud is one of the main manufacturers of paper and cardboard in Romania, and is the leader in production of toilet paper, where its own estimates show it to control 38% of the market, as well as one of the top players on corrugated cardboard market with a 15-20% market share. ZF