Transport Trade Services wants to increase its capital by 120 million lei

The Board of Directors of the freight carrier on the Danube and the port operator Transport Trade Services (TTS) convened the shareholders, on July 1st, with the proposal to increase the company's share capital by incorporating the amount of 120 million lei from the reserves recorded as retained earnings , it is stated in a report of the issuer published, on Friday, on the website of the Bucharest Stock Exchange (BVB).

TTS will issue 120 million new shares, with a nominal value of one leu, each investor who will have company shares on August 27 (registration date) will receive two new securities for each security held. Following the operation, the company's capital would consist of 180 million shares.

In the middle of this month. the freight carrier on the Danube will distribute dividends of 68.4 million lei, respectively an allocation of 1.14 lei per share, equivalent to a gross yield of about 4.4% compared to the share price on Friday at 2:00 p.m., of 25.95 lei.

In the first quarter of the year, Transport Trade Services had a consolidated net profit of 32.1 million lei, down 63.9% compared to the same period last year, and the turnover amounted to 239.4 million lei, by 21.9% below that of the January-March 2023 interval. The decrease also occurs in the conditions in which the first three months of last year were exceptional, so that the reports have a high reference, as can be seen from the company's information from BVB.

At the end of March, four of the seven Pilon II pension funds controlled 22.8% of the Danube freight carrier. The largest shareholder of Transport Trade Services is Mircea Mihăilescu, who owned 25.3% of the company in December 2023.