AAGES shares start trading on the Bucharest Stock Exchange

AAGES shares (AAG), a company which designs and manufactures induction heating systems for a wide range of applications, began trading on the Bucharest Stock Exchange (BVB) on June 19, following a bid through which shareholders have sold 15 per cent of the company for 5.49 million RON (1.22 million Euro).

2017-06-19 14:57:54

AAGES (Association for the Application of Static Generators) was founded 26 years ago by ten Romanian researchers. The company is headquartered in Sangeorgiu de Mures, near Targu Mures. Currently, the company has over 140 employees, generates a turnover more than five million Euro and exports over 70 per cent of its production.

"Our company has reached maturity, and we no longer need to invest a lot from our profit into development and we are able to allow a considerable part of the profit to be distributed as dividends," said Gabor Molnar, CEO of AAGES. "Listing the company on the stock exchange is like passing an exam and, for a company that has a vision, going public is an option to consider. Our place is on the stock market."

"The development of the local capital market is driven by the three entrepreneurial companies that continued to develop their success stories by getting listed on the stock exchange in the past six months," said BVB's President, Lucian Anghel. "After MedLife and DIGI, it was AAGES turn, this time a production company, to confirm that the capital market is open to all business opportunities. The growing interest of the investors for the capital market was also noted by the fact that the offer for the sale of shares lasted only two days compared to the ten days initially scheduled. I′m confident the examples will continue, and other successful entrepreneurs will follow suit and list their businesses on the Bucharest Stock Exchange."

The offer for the sale of 1.5 million shares in the company was closed at the price of 3.7 RON per share. At this price, the company's capitalization exceeds 37 million RON (8.2 million Euro).