Socep purchases equipment for the grain terminal with silos in Port Constanţa for 10.4 million euros

Port operator Socep (SOCP) has concluded a contract with Buhler GmbH regarding the supply by the Swiss-headquartered company of equipment for Phase Two of the grain terminal with silo and ship loader in Constanţa Port, according to a company report published, yesterday, on the website of the Bucharest Stock Exchange (BVB).

The value of the contract is almost 10.4 million euros. Buhler GmbH is an internationally active Swiss technology group specializing in technologies and processes for the processing of grains, animal feed and other food products.

In mid-July, Socep shareholders approved the increase of the share capital by no more than 34.6 million lei, up to 69.2 million lei. The operation involves the issuance of a maximum of 346.2 million new shares, at the price of 0.1 lei per share, the equivalent of the nominal value. The capital increase is carried out on the basis of pre-issue rights, the number of which is equal to the number of company shares on August 8, 2023 (registration date). The subscription rate is one new share to one held.

"The payment of the subscribed shares must be made as follows: 30% on the date of registration of the subscription requests and the remaining 70% within twelve months from the start date of the subscription established in the prospectus", it is mentioned in the company's report from BVB dated 19 July.

According to what is mentioned in the document, the increase of the social capital is based on the need for the development of the company and the retechnology of the operating capacities.

In the first six months of the year, the port operator from Constanţa had a turnover of 87.4 million lei, 42% more than in the January-June 2022 period, while the operating profit amounted to 34.2 million lei, almost double the net result of 17.9 million lei from the first half of last year.

Recently, the price of Socep shares had a strong increase, in the context in which the agreement on the free passage of grain exports from Ukraine through the Black Sea ports was abandoned by Russia. However, it should be noted that the company's shares have low liquidity, which favors large price fluctuations.

Socep is controlled by the brothers Ioan and Nicolae Dusu, through the DD Group, which owns 56% of the port operator.