As of today, Portuguese group BA Vidro, owner of Stirom (STIB), decided glassmaker’s delisting from Bucharest Stock Exchange, a situation which was approved by Romania’s Financial Supervisory Authority (ASF).
The delisting conditions were met as MGL Mediterranean Glass, through which the lusitan BA Vidro group controls Stirom, reached a 93.76 percent holding in Romania`s largest glass manufacturer.
In 2016, the Portuguese bought the majority stake in Stirom from the former owners, the Greek holding Yioula, and later on May 23 – July 5, 2017, they also carried out a public offer for withdrawal, acquiring another 2.89 percent of the shares in the market at a price of RON 18,2039/share, in a market operation amounting to RON 8.40 million. At the offer price, Stirom’s market capitalization amounted to almost RON 293 million (EUR 62.94 million).
With the new Portuguese owners, Stirom had a growing profitability. Thus, the company had in the first nine months of last year sales of RON 205.86 million, down 5.69 percent compared to RON 218.28 million in the similar period of 2016. Despite this decline, the net result increased by 58.14 percent, to RON 30.11 million, from RON 19.04 million. After the first semester of 2017, Stirom recorded a net income of RON 20,80 million, 77.02 percent higher year-on-year.
Stirom is the largest domestic producer of glass articles, being present on the major suppliers list of all companies that use glass packaging, but also of the major “cash and carry” or supermarket networks for household items. Articles produced and sold by Stirom are divided in two categories: glass packaging for food and beverage and glassware.