The financial projections include multiannual investments worth a total EUR49.3 million.
The company also expects shareholders to approve the conclusion of an investment loan contract in the maximum amount of EUR12.2 million with a view to funding the objective Mercure Brasov City Centre.
Aro-Palace has a market value of RON149.2 million and is 85.74%-owned by Transilvania Investments Alliance, while Winners First SRL holds 10.25% of the share capital. ARO shares have traded down 2.6% so far in 2024, amid deals worth RON281,300, as per stock market data.
The company ended the first half of 2024 with a net profit of RON1.94 million compared with a net gain of RON34.7 million in the same period of 2023. Revenues stood at RON25.3 million in January-June 2024, down 65% year-over-year, while expenses dropped over 20% on the year to RON22.9 million.