The split-up project was approved in principle within the extraordinary general meeting of shareholders of February 4, 2021 and by the Board of Directors of Promateris on June 28, 2021, per data provided by company officials.
Upon the completion of the split-up process, Promateris will continue its activity as a manufacturer of biodegradable packaging. The company will remain listed on the main market of the Bucharest Stock Exchange and plans to keep the same shareholding structure. The new company, Obor Development, will have a shareholding structure similar with that of Promateris, subject to shareholders’ failure to exert the right of withdrawal following the split-up. Obor Development will be a private company, not listed on the stock market.
Company officials forecast investments of EUR15 million in the next five years, in diversifying the activity and portfolio of products by introducing new business line compliant with the principles of the Green Pact launched by the European Union.
In 2018-2021, the company invested over EUR10 million in developing the production line of compostable packaging.
Promateris, with a stock market capitalization of RON164 million, is 38.2% held by businessman Florin Pogonaru, 20.15% owned by Nord SA and 10.8% held by the company’s CEO, Tudor Alexandru Georgescu.
PPL shares have grown 39.18% since the beginning of 2021, amid deals worth RON447,661.