Today, the subscriptions start as part of the Socep capital increase

Subscriptions in the share capital increase of the port operator Socep Constanţa (SOCP) begin today, according to a company report published on Friday on the website of the Bucharest Stock Exchange (BVB).

Through the operation, Socep wants to increase its capital by no more than 34.6 million lei, by issuing a maximum of 346.2 million new shares, at the price of 0.1 lei per share, the equivalent of the nominal value, so that the offer price it has no emission premium. On Friday at 14:00, Socep shares were trading at 2.54 lei per unit.

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

The operation is carried out on the basis of pre-issue rights, the number of which is equal to that of the company's shares on August 8, 2023 (registration date), the subscription rate being one new share to one held. Preemptive rights are not tradable. The operation, which will be mediated by the Interfinbrok brokerage house, will take place in one stage, until November 15 of this year.

"Payment of the subscribed shares will be made in full on the subscription date or in two installments, as follows: the first installment of 30% on the date of registration of the Subscription Form, and the second installment, the remaining 70%, within twelve months from the start of the subscription established in the Prospectus", it is mentioned in the offer document.

Thus, the full payment period for the subscribed shares is October 16, 2023 - October 16, 2024. Last month, Socep signed a contract with Buhler GmbH regarding the supply by the Swiss-headquartered company of some equipment for Phase Two of the grain terminal with silo and ship loader in Constanţa Port. 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 processing grains, animal feed and other food products.

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.

In the July-September period, the price of SOCP 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.