Bucharest Stock Exchange (BVB) is increasing its share capital by RON 3.7 million in order to merge with Sibiu Stock Exchange (SIBEX), an announcement posted on bvb.ro shows.
BVB will issue 375,048 new shares, with an individual nominal value of RON 10 that are assigned to SIBEX shareholders.
“The BVB share capital will be raised from the initial value of RON 76,741,980, representing 7,674,198 shares, with a nominal value of RON 10, to the value of RON 80,492,460, representing 8,049,246 shares of a nominal value of RON 10 lei,” the announcement reads.
BVB has reported a Q1 2017 net profit of RON 2.83 million, up 6.975 percent from Q1 2016.
“Consolidated net profit in Q1 2017 amounted to RON 2.83 million, significantly increasing compared with the net result obtained in the same period of the previous year – RON 0.04 million, with a net margin of 31 percent, while 89 percent of the net profit being obtained from the group’s trading segment,” according to the latest BVB quarterly report.
The operating profit of the BVB amounted to RON 2.96 million, seven times higher compared to the same quarter of 2016, as a result of a 42 percent increase in operating revenues, while operational expenditures advanced by only 1.6 percent.
“Operating expenses amounted to RON 6.23 million, were up only 1.6 percent compared with the first three months of last year, as a result of a decrease in personnel expenses by 4 percent, an increase in expenditures on services rendered by third parties, generated by the preparation of the BVB-SIBEX merger and the increase in promotion and marketing expenses, amid the intensification of the capital market promotion activities included, in other operating expenditures,” according to the report.