To expand output capacity, Romanian cardboard maker Vrancart Adjud has launched its first bond issue worth some RON 38.25 million (€8.4 million) to acquire funds to modernise and expand its output capacity.
Local investment fund SIF Banat-Crisana acquired more than 96% of the bonds, reports local business daily Ziarul Financiar. The fund holds a 75% stake in Vrancart Adjud.
In the years 2017 to 2019, the Romanian manufacturer aims to spend about RON 65.6 million (€14.5 million) with the aim to upgrade its production capacities.
Vrancart Adjud owns a production facility in Adjud, Romania.
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