Romania Feed

In the Western European business environment, when it comes to extending the network of companies held under a specific structure, ready-made companies represent a widely spread alternative to incorporating a company from scratch. Actually, the rule is to acquire a ready-made company from a specialized provider and the exception is to incorporate one. Ready-made companies, also named “shelf companies" or, more accurately, “off-the-shelf companies" are companies incorporated by specialized providers with the purpose of being sold to investors who need a new company in the respective jurisdiction. The name describes them quite accurately, as such companies are a simple set of documents and do not hold any assets, do not have any employees, leaving all aspects open to the decision of the buyer, in a most flexible manner, according to each jurisdiction’s local legislation.

Winemaker Purcari Wineries (WINE.RO) said it a stock market announcement that it had entered into a Market Maker agreement with BRK Financial Group (BRK.RO) for Market Maker services on the regulated spot market administered by the Bucharest Stock Exchange (BVB).

Analysts polled by CFA Romania estimate the Romanian leu will depreciate to an average of 5.0102 to the euro in the next 12 months, while inflation is expected to average 2.68%.

Poland’s fashion group LPP, which has the Reserved, Cropp, House, Mohito and Sinsay brands, has 66 stores in Romania out of the almost 1,800 physical stores in 25 countries of the 38 it operates in.

Banks operating in Romania had 3,879 branches and offices, while the number of employees went down to 52,757 in the first nine months, Romania’s central bank data show.

Sergiana group based in Brasov has opened two new stores this year for a total of 58 across three formats – supermarket, convenience and meat stores. The company also introduced deliveries for its retail chain.

Organic fertilizer producer Norofert Group (NRF.RO) on Friday reported consolidated revenue of RON20.4 million for the January-September 2020 period, up 258% on the year, and a net profit of RON5.3 million, up 290% on the year, per its quarterly report.

The European Commission announced Friday it has approved a scheme aimed at granting subsidies for airlines resuming or starting flights to and from Sibiu International Airport in Romania.

The European Commission announced Friday it has approved a EUR12.4 million scheme aimed at supporting Romanian winemakers affected by the coronavirus pandemic.

DCS Plus, Druid and Tremend are the Romanian companies recognized in the Deloitte 2020 Central Europe Technology Fast 50 program in the Impact Star category that recognizes companies that are inspired by making an impact on the business, environment, society and diversity among employees.

Expo Market Doraly, one of Romania’s biggest shopping parks specialized in home items and food products, located in the township of Afumati (Ilfov county), has completed and put into operation a new retail pavilion.

The International Monetary fund has appointed Jan Kees Martijn as the new mission chief for Romania, starting November 19, the representative office of the IMF said in a press release Friday.

Steel plant Donalam Calarasi held by AFV Beltrame Group, one of the largest steel bar and special steel manufacturers in Europe, posted 367.3 milion lei (EUR77.5 million) revenue in 2019, 16% lower than in 2018, ZF has calculated from Finance Ministry data.

Robotic process automation developer UiPath remains the leader of the 100 most valuable companies in Romania ranking, a position it first took in 2019, followed by Hidroelectrica and OMV Petrom, which were on the top spot in two and 12 editions of the ranking.

Romania's finance ministry on Thursday raised 537 million lei (EUR70.3 million), above the RON300 million level planned, selling bonds maturing in 2030, at an average yield of 3.31%, central bank data showed.

Romania's finance ministry on Thursday raised 537 million lei (EUR70.3 million), above the RON300 million level planned, selling bonds maturing in October 2030, at an average yield of 3.31%, central bank data showed.

Romania’s public debt stood at RON451 billion, or 42.9% of the gross domestic product (GDP) at the end of September 2020, higher by RON77 billion than the level reported at the end of 2019, finance ministry data showed Thursday.

Jupiter Group has reached an agreement with Austrian Supernova Group for the latter’s first acquisition on the Romanian market, namely, the Jupiter City Shopping Center located in the city of Pitesti.

Agroland Business System, a firm developed by entrepreneur Horia Cardos, which owns a chain of supermarkets catering to farmers, on Thursday closed early a private placement whereby 8,565,782 shares had been subscribed, in the amount of RON38.5 million (EUR7.9 million).

MedLife (M.RO), the leader of the private medical services market in Romania, announced Thursday it has fully acquired the Veridia Medical Center in Bucharest, known as Basarab Medical Center.