Imotrust Arad increases capital

Shareholders of the real estate developer Imotrust Arad (ARCV) approved a share capital increase of 10.68 million RON (around 3.2 million euros), and the upgrading of the company’s shares to the 2nd tier of the Bucharest Stock Exchange at the end of last week. At the same meeting, the foreign investment fund Middle Europe Investments (MEI) appointed Cristian Robert Fader as head of the company to represent the fund’s interests. The company’s shareholders will be able to subscribe a new share for each share previously held, at a nominal value of 0.1 RON/share. Through this move, the company intends to attract 3.2 million euros to finance its projects. The new projects in Arad include the construction of a 100-apartment block, a housing complex in S=nnicolau, and a 40,000 square-metre facility in the industrial area, while the company will also build an apartment block in Oradea, on already purchased land. Imotrust’s shares are currently traded on the RASDAQ market, while company representatives estimate the transfer of the shares to the Bucharest stock exchange will occur in the spring of next year. In the first half of the year, Imotrust’s profit climbed 5.6 times, to 18 million RON (5.5 million euros) and the company’s business rose by 57% to 1.3 million RON (0.4 million euros).