A fund controlled by Iulian Cîrciumaru lent Holde Agri Invest 1.5 million lei

SevenX Ventures, an investment vehicle controlled by Iulian Cîrciumaru, lent Holde Agri Invest the sum of 1.5 million lei, according to a report of the agricultural land operator in our country, published on the website of the Bucharest Stock Exchange (BVB).

The loan was contracted to support the current needs of the company and to ensure the necessary working capital in the coming period, with the maturity being in October 2027.

Recently there have been a number of changes in the management of Holde Agri Invest. In the second part of last month, the general director Liviu Zagan was changed from his position, in his place being temporarily appointed the deputy general director Bogdan Serghiescu, who at that time was also financial director. Later, Bogdan Serghiescu resigned from the position of financial director, and Bogdan Lungu, an executive with 24 years of experience in the financial and operational field, was appointed in his place, according to the company.

For the first six months of the year, Holde Agri Invest recorded a loss of 12.2 million lei, 40% higher than in the first half of last year, even though operating income increased by 12%, up to 62 millions of lei. Operating expenses amounted to 71.5 million lei, 16% more than in the first half of the year, due to the massive increase in expenses with goods, up to almost thirteen million lei, of those related to leases up to 1,9 million lei and other operating expenses.

According to the president Iulian Cîrciumaru, Holde Agri Invest is going through a period of significant challenges, mainly caused by the extreme drought, which has seriously affected production throughout the agricultural industry. "In an already difficult context, this being the second consecutive year marked by difficulties, we are forced to rethink the strategic directions for the future", wrote Cîrciumaru, in the report presenting the semi-annual results.

On the other hand, the company's executive management emphasizes that Holde's activity is seasonal, so the results of the first half of the year should not be considered by investors as a pro-rata picture of the company's financial results during the entire financial year 2024.

In the middle of the year, the funds Sevenx Ventures and Vertical Seven Group - a vehicle controlled by Iulian Cîrciumaru and Andrei Creţu - had 13.7% and 11.1%, respectively, of Holde Agri Invest, a company whose current valuation is around 70 million lei.