The Mecanica Fina Company of Bucharest makes its debut on Wednesday in the Standard category of the main market of the Bucharest Stock Exchange (BVB), following its transfer from the RASDAQ market.
According to a company’s release to Agerpres, the transfer has been decided by the shareholders in January 2015, and at the BVB Board gave its OK in August.
Mecanica Fina has ceased the production of measuring instruments in 2009 and switched to the real estate market, by leasing its buildings. Nearly 77pct of the million lei (1.2 million euros) 2014 turnover (up by 17 percent year-on-year) was generated by rentals, and the remaining by selling stocked products and other services.
The company is currently renting around 17,000 square metres, under some 30 leasing contracts.
Over 91pct of the Mecanica Fina shares are owned by Mol Invest Company of Bucharest, where Italian businessman Sergio Mollo holds more than 99.98pct.
The shareholders of Mecanica Fina have endorsed at end-July a participation of at least 50pct in a new company that will relaunch the Romanian Orex watches brand, produced by Mecanica Fina in the 70s through 90s.
SSIF Broker (BRK) assisted the company in its transfer to the BVB main market.
Mecanica Fina Company is worth 31.5 million lei (7.1 million euros), according to the price of the most recent transaction on the RASDAQ on August 7, at 8.5 lei/share.