Romania Feed

Romanian lighting equipment wholesaler Elbi Electric & Lighting, held by businessman Cristinel Sandu, ended 2022 with a turnover of RON348.8 million (EUR70.7 million), up 15.8% on the year, in line with calculations by Ziarul Financiar (ZF) based on finance ministry data.

NN Pensii, the manager of the largest private pension fund operating on the mandatory segment in Romania (Pillar II), in June 2023 liquidated the investment it had held in the company Prosus (PRX.AS) since fall 2020, on the Amsterdam Stock Exchange, as per NN data analyzed by Ziarul Financiar (ZF) daily.

Representatives of the Foreign Investors Council (FIC), an association that brings together the leading foreign-held investors in Romania, support the strategic, medium- and long-term approach to key areas, as is the case with the tax regime, which must be analyzed from the perspective of the results recorded at the level of collection and contribution to the state budget, but also in terms of economic development.

The transaction whereby alcoholic beverages producer Zarea, controlled by Polish Ambra Group, is acquiring a majority stake of 70% in wine maker Domeniile Dealu Mare Urlati (DDMU), has been completed and the seller is the Radulescu Family.

SAP Romania, the local subsidiary of Germany's business software solutions producer of the same name, announces the launch of SAP Labs Site in capital city Bucharest, a digital innovation hub aimed at contributing to the expansion of SAP’s product and services portfolio and at fostering local digital talent and boosting ecosystem and community engagement, company representatives said in a statement.

Enel Green Power Romania, Enel Group’s renewable energy business line in Romania, has commissioned the Lumina solar photovoltaic (PV) park in Calugareni (Giurgiu County), and completed its takeover from the company MYTILINEOS.

MedLife, the leader of the private medical services market in Romania and the medical provider with the greatest know-how in M&A, has announced in a stock market report the acquisition of the entire stake in Policlinica Sfantul Ilie in Craiova, as well as the majority stake of 51% in Union Medical Clinic in Cluj.

The organizations operating in the financial services industry are beginning to register significant progress in terms of implementing changes meant to assure compliance with the new EU regulation Digital Operational Resilience Act (DORA), as a third of them (29%) started to prepare since 2022 and, out of these, 29% have already completed 75% of their implementation roadmap by Feb 2023, as per the latest edition of Deloitte survey on DORA.

The number of companies which became insolvent in Romania in the first half of 2023 decreased by 6.2% to 3,290 as compared to 3,510 in the same period of 2022, according to CITR, the main player in the Romanian restructuring and insolvency market.

Romanian authorities issued 3,018 residential building permits in June 2023, 12.5% fewer than in May 2023 and 24.9% fewer than in June 2022, data from the country’s statistics board INS showed on Monday (July 31).

French L’Oreal Groupe announces that Smaranda Teleaba has taken over the position of Chief Marketing Officer for the Romanian operations, starting July 2023.

BCR group in the first half of this year registered net profit worth RON1.11 billion (EUR225 million), 6.6% higher than in the year-earlier period amid improved operating performance supported by a rising business volume with clients.

Developers in the first half of this year delivered four modern retail projects with a total 30,000-sqm area, in Giurgiu, Calarasi, Dej and Vaslui, with the second half offering set to be much more consistent as almost 260,000 square meters of spaces are scheduled to be completed by yearend, in line with data provided by real estate consultancy Cushman & Wakefield Echinox.

Romania’s smartphone market in the first half of this year revolved around 1.6 million units, down by volume from the year-earlier period, but up by value, with sales totaling EUR560 million, up 20% from 1H/2022, in line with estimates of the local representatives of Chinese smartphone brand OPPO.

Freight carrier Sorcani of Sibiu, a company controlled by entrepreneur Mircea Barbu and founded in 1993, one of the most dynamic carriers on the local market, ended the first half of this year with 20% higher turnover, in line with its budget as it attracted new clients.

InterRo Property Development, a company owned by the Topolinski family of Canadian investors, is developing the Pajurei 3 Resident project, a 163-apartment compound set to be finalized in 2025 at the latest.

OMV Petrom (SNP.RO), the largest crude oil and fuel producer in Romania, said in a stock market report on Friday that on Sept 12 it would hold the Ordinary General Meeting of Shareholders to vote on the distribution of special dividends worth RON2.8 billion.

Hidroelectrica (H2O.RO), the largest hydropower producer in Eastern Europe, announced in a stock market report Friday evening (July 28) that it extended by tow months the mandates of the provisional members of its Board of Directors.

Rolling stock manufacturer Atelierele CFR Grivita (ATRD.RO) intends to put up for sale a plot of land of around 30,000 square meters and constructions of 17,500 sqm on Calea Grivitei Roadway in capital Bucharest.

ROCA Industry (ROC1.RO), the building materials holding part of ROCA Investments, has approved the granting of RON2 million loan to its subsidiary, Eco Euro Doors (EED), which will also contract loans worth RON6 million from Raiffeisen Bank.