EnglishCable and electrical conductor maker "Romcab" (MCAB) has filed the prospectus for getting listed on the regulated market of the Bucharest Stock Exchange (BVB)with the Financial Oversight Authority, as the Rasdaq exchange is getting dismantled, Zoltan Prosszer, the general manager of the company told us.
"I can not estimate the date of the IPO, but we have filed a prospectus with the ASF", Zoltan Prosszer told us.
He further said that he has won the lawsuit against the ASF, which concerned overturning the decision of the Authority to require Romcab to perform a public takeover bid.
In the beginning of 2014, the ASF issued a warning against Zoltan Prosszer, as indirect shareholder of "Romcab", for not conducting a public takeover bid (upon exceeding the 33% holding limit), as per the legal requirements.
Through supplier of car spare parts and accessories Sadalbari, Zoltan Prosszer holds 69% of the shares of MCAB.
At the end of April, the shareholder structure also included Morgan Stanley, with a stake of 9.56%.
In a recent interview, "Romcab" chairman Sebastian Vlădescu, was saying that the company may resort to raising funding via the stock market after 2017.
"We will stop with the explosive growth and focus on improving the improving the financial-economic parameters". "For the next stage of consistent growth, after 2017, there will be a solid need for working capital, with the stock market being one of the options that we have available and which we want to use at the right time. Based on the analysis of the market and of the company's position the necessary steps will be taken for issuing bonds and/or stocks". "We will stop the explosive growth and we will focus on improving the economic and financial parameters".
"Romcab", controlled by businessman Zoltan Prosszer, ended last year with a turnover of 653 million lei (145 million Euros), up 40% over the previous year, and a net profit of 32 million lei.
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