The retailer, established and held by entrepreneur Dan Ostahie, which posted more than 3.5 billion lei (EUR739 million) sales and RON63.5 million profit in 2018, has 120 stores, 101 of which branded as Altex and 19 as Media Galaxy.
Four of the eight planned stores will be built by Altex’s real estate division Cometex, run by Lilian Furtuna, and the other four will be developed in rented locations, the officials of the retailer said.
“We open [stores] in both locations of our own and in rented locations with various developers. We have projects that will open in rented locations by yearend. One of them will be in Bucharest, another in Targoviste – we’ll see if it is completed this year, Targu Mures and Sibiu,” Edvin Abdulachim, chief commercial officer of Altex Romania, told ZF.
Lilian Furtuna, chief executive of Cometex, said the company had four projects in progress, one of which in Satu Mare due to one by yearend. The other three would open by end of 2020 in Bucharest-Chiajna, Arad and Lugoj, he added.
Cometex posted RON17.8 million revenue and RON21.7 million profit in 2017, according to the latest data on the Finance Ministry website.
Asked whether Altex considered going public on the Bucharest Stock Exchange, Edvin Abdulachim said that was a matter the representatives of the business considered but they would not make any move towards it yet, this year at least.(EUR1=RON4.7351)
(English version by Loredana Fratila-Cristescu)