Shareholders also approved the acquisition of electrical wiring maker Electroplast (ELP.RO).
Both operations were approved in principle and their implementation is to be carried out by the Board of Directors of Roca Industry.
“Today, the shareholders of Roca Industry have granted us their vote of confidence and approved the acquisition of Electroplast (ELP) and the proposal for transfer to the main market of the Bucharest Stock Exchange (BSE), accompanied by a significant increase in capital. Both operations have been approved in principle, with their implementation to be carried out by the Board of Directors of Roca Industry. These decisions support the holding company in its plans to consolidate its position in the industry and represent a step forward in the process of accelerated growth in the coming years. One of Roca Industry’s objectives is to operate through 8-10 complementary subsidiaries in the near future, which in turn will occupy positions as regional champions through organic growth and acquisitions”, said Ionut Bindea, Chairman of the Board of Directors and CEO of Roca Industry.
“With this opportunity, we will further diversify our business sectors, expand the distribution markets for our companies, and provide added value in the process of reindustrialization of Romania, fulfilling the essential role we embarked on”, added Ionut Bindea also said.
Roca Industry’s Board of Directors decided on June 20 to appoint Ioan-Adrian Bindea, Chairman of the Board of Directors, to the position of Chief Executive Officer (CEO) of the company.
Roca Industry Holdingrock1 has a market value of RON159 million and is 60.8%-owned by Roca Investments. A stake of 5.73% is held by Mihai Bîrliba, and 33.47% is owned by other investors.
ROC1 shares have lost 18.5% since the beginning of 2023, amid deals worth RON3.5 million, in line with stock market data.
Roca Industry ended the first quarter of 2023 with a turnover of RON82.3 million and loss of RON5.5 million, as compared to a turnover of RON44.5 million and a net result of RON0.2 million in the first quarter of 2022. However, the company said this comparison is not relevant considering that it has made several acquisitions lately, as per data from the company’s quarterly financial report.