“We have a contract to provide assistance for financing Aro Palace’s €12 million investment program. We are to suggest the best timing to launch the initial public offering of shares and its size,” according to Rombell Securities General Manager, Gheorghe Nicolae.
The IPO and listing are to be made by the end of the year, according to Deputy General Manager of SIF Transilvania financial investment company, Floriean Firu. SIF Transilvania owns 86 percent of Aro Palace. According to Firu, poor market conditions have delayed the offer. “We are not only considering attracting the necessary resources from the market, but also the future evolution of shares on BVB,” he said.
Funds obtained from the listing will be used to modernize Aro Palace assets, including a hotel, spa, conference halls and a swimming pool.
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