Romania Feed

The number of companies facing imminent insolvency in Romania grew to 6.949 in 2022, the highest level of the last 11 years and more than double the level of 3.069 such companies recorded in 2015, as per the latest edition of the survey on impact companies, conducted by CITR, leader of the insolvency and restructuring market.

Bucharest has significantly decreased its share in the number of new homes delivered in the last three years, while secondary areas such as Ilfov region have increased theirs, amid administrative gridlock and uncertainty in the urban development climate, say representatives of BREC - Bucharest Real-Estate Club - an association of the largest real estate developers on the local market.

Astra Vagoane Calatori, one of the biggest players on the local rolling stock market, controlled by Valer Blidar, has won a contract worth RON79 million (some EUR16 million), VAT not included, with the Oradea City Hall for the delivery of nine streetcars.

Real estate developer One United Properties has announced the conclusion of an eight-year lease contract for the relocation of IT company Medialine within the One Cotroceni Park development.

BRK Financial Group (BRK.RO), the only stockbroker listed on the Bucharest Stock Exchange, on October 18 announced two new significant shareholders after SIF Muntenia on October 16 reduced its ownership stake in BRK to 2.49% from 18.33%

Law firm Dentons has advised Polenergia on a conditional agreement to acquire a controlling stake in Naxxar Wind Farm Four.

Cargus, a major player on Romania’s courier services market, has announced the appointment of Mircea Andriescu as Head of International Sales.

Infinity Capital Investments has informed investors and shareholders in a stock market report on October 18 that it participated in the share capital increase of the subsidiary, Gravity Capital Investments, by subscribing a number of 2.25 million shares, with a nominal value of RON10 per share, for which it paid RON22.5 million.

Aluminum producer Alro (ALR.RO) has signed a multi-annual agreement with Airbus, a leading aircraft manufacturer, the company announced.

Electrical power producer Hidroelectrica (H2O.RO) has decided to appoint Cristian Nicolae Stoina provisional member of its Supervisory Board starting October 18 until the convening of the first General Meeting of Shareholders but no more than four months, Hidroelectrica said in a statement to the Bucharest Stock Exchange.

Romanian-held walnut kernel processor Transilvania Nuts is now getting half of its revenue from exports and therefore plans to expand to export more.

Clothing retailer Modivo, part of the Polish CCC group, which owns the footwear brand of the same name, epantofi stores and HalfPrice, a low-cost fashion retailer active in the outlet segment, has opened its third store in Romania. The new 400 square-meter store will operate in Promenada Craiova and is Modivo’s first in the country located outside Bucharest, where it has two stores in AFI Cotroceni and Mega Mall.

Kromberg & Schubert Romania NA, a manufacturer of wiring for the automotive industry and electrical systems and the local subsidiary of Germany’s Kromberg & Schubert Group, posted RON176.2 million (EUR35.7 million) revenue in 2022, up 24.6% on the previous year’s RON141.4 million (EUR28.7 million), according to ZF calculations based on Finance Ministry data.

Israeli real estate developer AFI Europe will be opening on Nov 1, 2023 its first retail park in Romania, located in the center of the western city of Arad.

SIF Muntenia, managed by Muntenia Invest, on October 16 reduced its ownership stake in BRK Financial Group (BRK.RO), the only stockbroker listed on the Bucharest Stock Exchange, to 2.49% from 18.33%, BRK Financial Group has informed investors in a stock market report.

Meta Estate Trust (MET.RO), a holding company operating in the real estate field, informed the shareholders and the market in a stock market report on October 17 that it had completed the purchase of five apartments and three parking spaces in the Parcului 20 by Cordia residential complex.

Online retailer eMAG is launching a new online shop-in-shop, which is dedicated to nutrition and groups more than 31,000 products from the own offer and that of sellers present on the online commerce platform Marketplace.

Romania’s government will revise the 2023 economic forecast downwards but stick with an over 2% growth, more optimistic than that of international institutions like the World Bank or the International Monetary Fund, sources from institutions involved in drafting the forecasts said.

Despite many challenges faced by the retail market the industry shows a great evolution, as per the Turnover Retail 2023 market study powered by CBRE, the global and national leader in commercial real estate services and investments.

Real estate developer STC Partners has completed structural works for phase 1 of housing project Quartier Azuga, located in Doamna Ghica area of Bucharest, and expects apartments to be delivered in the third quarter of 2024.