The medicine producer Sintofarm (SINT) summoned its shareholders at the end of December to decide on selling equipment, trademarks and other shares and on taking over the name Imosint and change the field of activity for real estate development. Shareholders must decide on selling the whole trade fund of the company except for buildings. The meeting will be held on December 21. Sintofarm has a factory in Bucharest. Last year the company reported a net business figure of 6.17 million lei, on the drop by 13% from 7.08 million lei in 2013 , when net profit dropped to less than a half, from 1 million lei in 2013 tp 470,000 lei in 2014. In the first nine months of 2015, the net business figure was 4.72 million lei, very close to the one registered the previous year - 4.66 million lei. Gross profit was 493,825 lei, on the drop by 9% compared to 542,347 lei last year. Sintofarm shareholders are Generalcom - 27.99%, Interfinance Capital Investment (Gibraltar) - 26.27%, Iberestate International - 15.37% and SIF Muntenia (SIF4) -13%, while the rest of shares belong to other investors. Generalcom (GECM) is a company specialised in managing commercial areas and has shares at Centrofarm and Sintofarm. The main shareholders of Generalcom are Iberestate International -45.6% and the Portuguese businessman Alain Bonte -36.93%. The rest of shares is owned by other shareholders. Bonte is chairman of the Administration Board of Sintofarm, while Radulescu Niculina is vice-chairman. They are also managers of Generalcom, where Bonte is president and Radulescu general manager.
Romania's interior minister, Cătălin Predoiu, expressed cautious optimism about the country's prospects for full Schengen accession following a meeting scheduled for November 22 with Austrian interior minister Gerhard Karner. Speaking on local news channel Antena 3, Predoiu stated that "the pieces are quite well placed" for progress on accession with land borders,
Romgaz (BVB: SNG), the largest producer and main supplier of natural gas in Romania, will list its first bond issue, worth EUR 500 million and aimed to finance the Neptun Deep offshore gas project, on the Bucharest Stock Exchange on November 19. In October, Romgaz issued the first EUR 500 million tranche of a EUR […]
Left without heating after a coal-fired unit at Electrocentrale Craiova broke down, Ford Otosan’s automobile plant in southern Romania ceased operations on November 13, Profit.ro reported. The losses at the factory that is producing some 1,000 automobiles and 1,700 EcoBoost...
Bucharest Exchange-listed Premier Energy Group, active in the renewable electricity generation and energy supply activities in Romania and Moldova, announced its revenues rose by 25% y/y to EUR 816 million in January-September and by 61% y/y to EUR 303 million in Q3 alone, driven by both organic performance and strategic acquisitions. The net profit, however, shrunk […]
Romania's leading energy producer, Hidroelectrica (BVB: H2O), announced its output decreased by 22% y/y to 11.35TWh in January-September, citing both market conditions (a change in the regulations that resulted in volatile prices and volumes traded) and adverse hydrological conditions. The revenues contracted by 25% y/y to RON 7.2 billion (EUR 1.44 billion), roughly in line […]
Lower electricity production amid slightly higher domestic demand and the reliance on intermittent renewable resources led to increasingly more situations when Romania imports electricity at the maximum capacity of its interconnectors, although the net electricity deficit is in the range of only some 3% of total consumption. The power storage capacities can smooth supply and […]
