Swiss Julius Baer exits Braiconf Brăila shareholding

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Swiss-based private bank Julius Baer liquidated its stake at shirt producer Braiconf Braila (ticker symbol BRCR) selling 11.25 million shares, meaning 25.1 percent, the investment fund announced at the Bucharest Stock Exchange (BVB).

Considering the shares price on Friday of RON 0.548 per BRCR share, the Swiss bank has received RON 6.16 million (EUR 1.36 million).

Another major shareholder of the company is Electroargeş, with 17.63 percent of shares, which, according to sources on the capital market, is unlikely to be the buyer in the reported transaction.

Braiconf boasts nearly 60 years’ tradition in the industry of garments, respectively of men and children shirts and of women blouses. The plant in Braila opened in 1950, with 280 employees, and today has around 1,000 employees.

In 65 years of activity, Braiconf produces one million ready-to-wear clothes for men and women every year, clients being able to purchase its products from Braiconf’s own network of 15 stores or on its online platform.

In the first quarter of this year, the manufacturer recorded a turnover of RON 9.5 million (EUR 2.1 million), up 16.7 percent year-on-year and a profit of over RON 1 million (EUR 222,000), 70 percent higher.

The company is listed on BVB’s AERO. Braiconf ended last year with a turnover of RON 32, 3 million (EUR 7.26 million) and a profit of RON 2.1 million.

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