“Part of Albalact’s success is that it traded on the capital market, it was visible not just to consumers but to investors as well,” said company board chairman Raul Ciurtin.
Albalact shareholders voted unanimously Tuesday to list the company on the stock market’s second tier.
According to company data, Albalact is the second largest Romanian dairy producer. It owns two production units and in the first nine months of 2014 it had a turnover of RON346.85 million, up 12.7%, and a profit RON12.42 million.
The company’s biggest shareholder is Raul Ciurtin, who indirectly owns 42.53% via two companies registered in Cyprus: Crisware Holdings (26.86%) and Croniar Holdings Limited (15.67%). Cyprus-registered investment fund RC2 owns 25.45%in Albalact.
The Rasdaq market will be closed in October and companies that don’t decide to switch to a regulated market or an alternative trading system will be delisted.