Romania Feed

Alexandru Stoinea will be running the operations of ASBIS Romania, the local subsidiary of Cyprus-based IT product distributor ASBIS, starting May 2023.

Romania’s Financial Supervisory Authority (ASF) on Wednesday May 3, 2023, approved the initial public offering prospectus of Agricover Holding for an offering of up to RON416 million, running from Thursday, May 4 to May 16.

The European Investment Fund (EIF) has signed a RON45 million (EUR9.1 million) loan with Agricover Credit, the main specialized financial services provider for farmers in the Romanian market.

Cronos Med Group, a plastic surgery and medical aesthetics chain founded by physician Constantin Stan, has taken over for EUR1.5 million the majority stake in the Biootika clinic based in Romania’s central city of Brasov.

Romanian natural gas producer and supplier Romgaz (SNG.RO) on Wednesday (May 3) said in a stock market report that it placed with Romania’s import-export bank Eximbank a term deposit without auto-renewal option in the total amount of RON88 million.

Hidroelectrica, Romania’s largest electricity generation company and the most anticipated listing on the Romanian capital market, is set to distribute 90% of its record net profit of RON4.4 billion of 2022 towards its two shareholders – the energy ministry (with an 80% ownership stake) and Fondul Proprietatea (20%).

New car registrations in Romania increased by 16.48% to a total 9,865 units in April 2023 versus April 2022, data from the association of automotive manufacturers in Romania (ACAROM) showed on Wednesday (May 3).

The European Commission on 2 May adopted exceptional and temporary preventive measures on imports of a limited number of products from Ukraine under the exceptional safeguard of the Autonomous Trade Measures Regulation.

Law firm Tuca Zbarcea & Asociatii assisted the Carrefour group in the acquisition of the local subsidiary of Louis Delhaize, which operates as Cora in Romania.

Grand Hotel Bucharest, the former Intercontinental hotel, managed by Compania Hoteliera Intercontinental Romania (RCHI.RO), had a turnover of RON26.8 million in 2022, up 42.9% from 2021, and a net profit of RON2.8 million, nearly 35% lower versus 2021, as per the annual financial report published at the Bucharest Stock Exchange.

Romania's industrial production prices for the total (domestic market and non–domestic market) increased by 13.6% in March 2023 compared to March 2022, data from Romania's statistics board INS showed on Wednesday (May 3, 2023).

Romania’s unemployment rate stood at 5.4% in March 2023, lower by 0.1 percentage points than 5.5% in February 2023, data from the country’s statistics institute INS shows on Wednesday (May 3).

Tech startup Pluria, launched in September 2020 in Romania and Spain by entrepreneur Andrei Cretu, cofounder of 7card network, now present in ten countries of two continents, announced a $2 million investment round led by Eleven Ventures, a major venture capital firm in southeastern Europe.

In the first quarter of this year, the number of apartments sold nationwide was 23% lower than in the same period of last year. In Bucharest, 22% fewer apartments were traded.

Unirea Shopping Center, a company that manages two shopping centers in Brasov and Bucharest, for 2022 reported total turnover of RON57 million, up 13.5% year-on-year, and RON32 million net profit vs net losses of RON33.5 million in 2021.

October could see a new company starting on the Bucharest Stock Exchange, Exonia Holding, after the initial public offerings of Hidroelectrica and Agricover, expected for the end of this quarter.

ABN Systems International (ABN.RO), which distributes IT&C products and accessories and owns the Tellur brand, ended 2022 with a net profit of RON7.75 million, down 19.1% from the level reported in 2021, and a turnover of RON116.5 million, up 7.2% on the year, in line with data from the annual financial report published at the Bucharest Stock Exchange.

Austria’s Greiner Group, owner of flexible polyurethane foam manufacturer South East Europe Neveon, has strategic plans until 2028 and Romania is at the center of attention in Central and Eastern Europe, said Lambert Reudink, general manager South East Europe Neveon.

Turism, Hoteluri, Restaurante Marea Neagra (EFO.RO), which manages several hotels and restaurants in seaside resorts, ended 2022 with a turnover of RON45.3 million, slightly lower than in 2021, as per the company's annual financial report published at the Bucharest Stock Exchange.

Janssen, pharmaceutical companies of Johnson & Johnson, appointed Roxana Botea to the position of Country Director for Janssen Romania.