Agroland, a company developed by entrepreneur Horia Cardos, which owns a chain of supermarkets catering to farmers, completed a five-year offer for corporate bonds and raised RON8.08 million from 88 investors back in March. The company plans to use the funds to develop a new store concept.
The offer was brokered by Tradeville and the initial target of RON7.5 million was oversubscribed. The bonds mature in 2025 and carry a fixed interest rate of 9% payable per semester.
Agroland currently has 247 stores, of which 190 are operated by franchise partners.
In 2018, Agroland Business Systems had sales of RON136 million and a net profit of RON4 million. In January-October 2019, the company’s net profit topped RON5 million.