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Prefera Foods brings to the stock exchange bonds worth EUR 5mn

9/10/2021

  • The first issue of Prefera Foods bonds starts trading today, September 10th, on the Multilateral Trading System of the Bucharest Stock Exchange.
  • The bonds are worth a total of EUR 5mn and will be traded on the stock exchange under the PRF26E ticker.
  • Funds attracted from the investors on the capital market will support the development of current activities and help fund expansion on external markets.

 

Prefera Foods, one of the largest players on the canned food market in Romania, known for the Capricii si Delicii, de Azi and Unfished brands, comes to the Bucharest Stock Exchange with its first bonds, worth EUR 5mn. The bonds will start trading today, September 10th, on the Multilateral Trading System under the PRF26E ticker. Funds attracted from the investors on the capital market will support the development of current activities and help fund expansion on external markets.

‘The capital market is a suitable place for all the Romanian entrepreneurs and their development plans. We are happy that the Prefera Foods team, led by our friend Raul Ciurtin – an entrepreneur who has a rich history at the Bucharest Stock Exchange, have chosen the stock exchange to run this operation in funding the growth and expansion of their business. This year alone, corporate bonds worth in total over 3 billion lei have been listed on the stock exchange, with funds coming from capital market investors, in support of economic development, said Radu Hanga, President of the Bucharest Stock Exchange.

‘Prefera Foods has ambitious plans for speeding up development globally. In achieving this, we rely on the fact that our products have started to be listed in some European countries, that we have a strong team and brands that have revolutionized the food market in Romania, but which also require capital.  We are honoured by the trust investors have placed in us so far, it gives us the drive we need in order to continue to grow internationally and at the same time confirms that the future lies in sustainable food, in businesses that help preserve a clean environment and biodiversity’, says Raul Ciurtin, General Director of Prefera Foods.

The company sold in a private placement of bonds 10,000 corporate bonds, with a value of EUR 500 per bond. The company managed to attract from investors funds worth EUR 5mn. The bonds have the maturity date on July 23rd, 2026, and an annual fixed coupon rate of 7,5%, payable semi-annually. During the private placement held in July this year a number of 127 investors subscribed, out of which 18 were qualified and 109 retail investors. The private placement and listing were made with the support of TradeVille.

‘For a country like Romania, where agricultural production accounts for a large share of the GDP, a logical step towards its welfare is to increase added value by developing the food industry. Of course, we also have to take into account the great international trends in this regard. Prefera Foods shows us how we can think in a world in which healthy food blends with the ideas of simplicity and sustainability. The stock exchange journey of this highly interesting issuer starts with an issue of bonds but, why not, in the years to come we might also see Prefera Foods shares rated on the Bucharest Stock Exchange’, stated Ovidiu-George Dumitrescu, CFA, Deputy General Director of TradeVille.

Prefera Foods was founded in 2006 in the village of Oiejdea, Alba County. Ever since its establishment, the company business has continued to diversify, and currently has placed products on several market segments (pâte, zacusca, cooked food and the Fresh category). The company is known for its Capricii ?i Delicii, de Azi and Unfished brands. The Prefera Foods products are manufactured in a factory with two production units, of which one newly-built. By the end of 2020 it employed 143 people.

In 2020 the company turnover was RON 51.4mn, with a 12.8% increase on 2019 (RON 45.5mn). Of the total turnover, sales on the Romanian market totalled RON 49.8mn (+14.8% vs. 2019), while exports totalled RON 1.6mn (-27.5% vs. 2019). Sales generated by the pâte sector were the highest, at nearly RON 15.3mn (+14.4% vs.  2019), while zacusca generated revenues of RON 10.1mn, 8% over 2019. The Prefera Foods products are sold both in the large international retail networks (RON 36.3mn in 2020, +42,4% vs. 2019), and via direct distribution to traditional retail (RON 15.1mn in 2020, -24,8% vs. 2019).

The company is owned 68.39% by Crisware Holdings SRL, Raul Ciurtin (20.51%), Eberhart Raducanu (10%) and Radovici Adrian Sebastian (1.10%). Crisware Holdings SRL is fully owned by Raul Ciurtin.