August 29 (SeeNews) - Romanian real estate company Meta Estate Trust started trading on AeRO, the alternative trading segment of the Bucharest Stock Exchange (BVB), the bourse said on Monday.
The company's shares are traded under the MET ticker, the BVB said in a press release.
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The company’s listing follows its initial public offering, which ran from July 20 to August 2 and brought in 14 million lei ($2.87 million/ 2.87 million euro) from investors.
"By listing MET shares on the AeRO market barely a year after the company was founded, we are making another step forward in its development, continuing the journey toward the proposed targets: transferring to the main BVB market and reaching a share volume of 100 million euro," Meta Estate Trust co-founder Eugen Voicu said.
The company’s subscribed and paid-in share capital amounts to 87 million lei, made up of 75.7 million in common stock and 11.2 million in preference shares (without voting rights), which represent 87.1% and 12.9% of total share capital, respectively.
“Company strategy until the end of this year is to diversify by further expanding into other real estate segments, and we anticipate over 15 million euro of new investments in shares. Another objective is to establish excellent communication with investors and maintain the very highest standards of corporate governance. At the same time, we will pay close attention to the liquidity and growth in the company’s capitalization”, Meta Estate Trust CEO Oriol Casellas Deig said.
Meta Estate Trust, founded by a group of Romanian entrepreneurs with rich experience in the capital market and in real estate, began it activities just a year ago. Its business model is based on investments in the real estate segment having a short capital rotation cycle, and is focused on the large urban residential sector.
Since Meta Estate trust was founded, it has invested over 17 million euro ($17 million) in 22 real estate projects, achieving full exit from five of them to date.
(1 euro=4.8707 euro)