The initial public offering of the ITC group Flamingo International, which set the companya??s market value at over 55.4 million euros, has revealed new millionaires in euros, whose fortune can be calculated at any moment by looking at the trend of the shares on the capital market.
Dragos Daniel Cinca, the founder and chairman of Flamingo, has undoubtedly joined the ranks of the top millionaires in Romania, as his stake is currently worth some 34.5 million euros, if calculated at the stock sale price of 23,000 ROL/share. Cinca owns approximately 54.2 million Flamingo shares, which account for 62.3% in the companya??s share capital.
Dragos Daniel Cinca, 36, prefers to keep a very low profile and has declined every interview request until now. He graduated from the Faculty of Electronics and Communications of the Polytechnic University of Bucharest. He founded Flamingo Computers along with a couple of friends in 1994, the first company of the Flamingo Group. Dragos Cinca has extensive knowledge of the ITC market in Central and Eastern Europe, and is actively involved in the groupa??s strategic planning.
However, Cinca is not the only millionaire resulted from the conclusion of the initial public offering of Flamingo, as the stakes of some of the minority shareholders are also appraised at more than one million euros. Anca Liana Barbu currently owns 2.36% in the share capital of Flamingo, which is worth 1.31 million euros.
Anca Barbu is only 30 and has a degree in Company Management from the Academy of Economic Studies of Bucharest. She is now training to become a financial auditor, taking up a Romanian-Canadian MBA in this regard. Simona Iolanda Varga, 35, is the creator and coordinator of the legal department of the Flamingo Group. She is also a shareholder of the group, with her 1.9% stake valued at 1.05 million euros at the moment.
Flamingoa??s millionaires also include Robert Daniel Iacovita, 2.36% (1.31m euros), Alexandru Ioan Smaranda and Tiberiu Smaranda (1.6% worth 0.89m euros each) or Varol Islam, 1.16%, valued at 645,000 euros.
Back in 1989, most of them were not even 20 years old, but they were confident they could achieve something on their own. Flamingo was established in 1994 in an apartment in a building. Ten years later, the results of their work can finally be appraised. Flaming is now the largest ITC company on the Romanian market. It made 60 million-euro turnover last year and net profit of 3.65 million euros.
Flamingo was the first ITC retail company to open stores abroad, in Belgrade and Sofia. At the same time, it was the first to promote the digital home concept, wherein every piece of equipment is interconnected. The company is preparing the inauguration of a specialised chain called a??Future Shopa?? that will sell portable electronic equipment. Flamingoa??s projects for the next few years include development of retail and distribution on the Romanian market and expansion to Serbia, Bulgaria and Croatia.
Expansion entails approximately 25 million-euro investments, some of them paid for with money raised from the Stock Exchange. andrei.chirileasa@zf.ro