85% subscription in the Socep capital increase

The shareholders of the port operator Socep subscribed 85% of the new securities issued as part of a capital increase through which the company wanted to attract around 34.6 million lei, according to reports from the Bucharest Stock Exchange (BVB).

Practically, the shareholders subscribed 293.5 million shares out of the 346.2 million in the offer, at a price equal to the nominal value of 0.1 lei per share.

"The increase of the social capital is based on the need for the development of the company and the upgrading of operating capacities", according to the offer prospectus.

The amount raised during the subscription period (October 16 - November 15) amounted to nine million lei, given that 3.1 million new shares, equivalent to 0.31 million lei, were subscribed and paid in full, in while 290.4 million new shares were subscribed but only partially paid, the amount attracted being 8.7 million lei.

Those who partially paid the subscribed shares can make the full payment until October 16, 2024, according to the report.

In the first nine months of the year, Socep achieved revenues of 141.2 million lei, 41% more than in the January-September 2022 period, while the net profit amounted to 50.1 million lei, an increase of 70% compared to the first three quarters of 2022.

In the middle of the year, the DD Group owned 56.5% of the Constanţa port operator, while Stere Samara had 11.5% of Socep. According to BVB reports, they subscribed to the offer. The stock market valuation of Socep amounts to around 700 million lei.