BriseGroup management admits that, being a local business, the resources are limited, hence the search for new sources of funding.
“We are in talks with investment funds to buy a minority stake in Brise, so we can pursue our investment and development goals together. It’s a long way from getting additional resources for development to a sale. The sale of Brise is out of the question for the time being, we are only discussing a partnership for our funding needs,” Angelo Nicolae, general manager of BriseGroup, told ZF.
The Romanian trader did not reveal the names of the funds it was in talks with, but its officials say the new source of funding should be found by yearend.
BriseGroup is a top ten grain trader in Romania and posted EUR216 million revenue and about EUR450,000 net profit in 2016. Grain trading generates about 85% of BriseGroup’s revenue, its officials said.
(English version by Loredana Fratila-Cristescu)