Romanian insurer Transilvania Broker to list 25% stake on Bucharest bourse

Romanian insurer Transilvania Broker said on Monday it will launch a public offering of its shares on the Bucharest Stock Exchange, BVB, hoping to raise up to 9.6 million lei ($2.45 million/2.08 million euro) through the sale of a 25% stake. Subscription for the shares will be open from October 24 to November 2, the company said in the listing prospectus published on its website, according to SeeNews.com.

Transilvania Broker is offering investors 625,000 shares with a subscription price set at between 12.0 and 15.5 lei. The minimum package that can be subscribed for by investors is 200 shares, with a price step of 0.01 lei. The majority shareholder of the company is Gabriel Login, which owns 60%, while Dan Niculae holds a 40% stake. Gabriel Login is about to sell a 375,000-share package, while Dan Niculae will sell 250,000 of his shares. Transilvania Broker started its activity in November 2006 and will be the first insurance company to be listed on the BVB. In 2016, it ranked third in the ranking of insurance brokers active on the local market, with an intermediate premiums value of 360 million lei.

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