FAUR POSTPONES THE FIRST IPO UNTIL THE TIME IS RIGHT 23 August, but not this summer

• The crown jewel of the communist industry (the "Faur" plant, formerly known as "23 August") moves to the main tier of the Bucharest Stock Exchange

Brokerage firm "Broker" Cluj will take the necessary steps to transfer the industrial park "Faur" Bucharest (symbol: FAU) to the regulated market of the Bucharest Stock Exchange. Until now, the stock of "Faur" was listed on the unquoted tier of the Stock Exchange, where companies that do not meet the requirements to be listed on the regulated tier of the BSE. After acquiring "Faur" from the state, the Cristescu brothers have invested almost 70 million Euros, in the expansion and the modernization of the industrial park, which hosts 200 companies and 8,000 employees.

Marius Cristescu, one of the brothers that control the business, stated the following for BURSA: "We have chosen Broker Cluj because we have been working with them for a long time. We won"t have an IPO, because the current market conditions are not adequate for that, but we are considering it for the future".

Last year, the businessman said that the "Faur" industrial platform would be expanded from 15 hectares to around 40 hectares of industrial hangars to be rented for three years. A large part of the tenants of "Faur" are foreign investors that buy their equipment abroad. The last price of 5.5 lei/share, "Faur" Bucureşti has a market capitalization of 120 million lei.

Marius Cristescu expects a profit of around 600,000 - 700,000 lei for this year, but said that he hopes it will be greater, as he plans to sign several other contracts by the end of the year. Last year, the company"s profit amounted to nearly 1 million Euros. The brothers Marius and Emil Cristescu own companies listed on the Rasdaq with a combined worth of 153 million Euros, which they plan to transfer to the regulated market of the Bucharest Stock Exchange (BSE). Some of these include some of the most important companies of the "Bega" group.