The shares of Moldovan wine producer Purcari Wineries (WINE) went up by 6.25% on Thursday, March 4, after the company announced that it would double its share capital and distribute free shares to its existing shareholders.

The proposal will be discussed in the company’s General Shareholders’ Meeting on March 20.

Purcari plans to increase its share capital from EUR 200,000 to EUR 400,000 by incorporating some reserves. It plans to issue 20 million new shares that will be distributed free of charge to existing shareholders (as of July 20, 2021 – registration date).

The investors on the Bucharest Stock Exchange (BVB) took the news as positive and bought WINE shares worth over EUR 300,000 on Thursday, about five times more than the company’s average daily turnover. The price move (+6.25%) is also the strongest that the company has seen in the last 12 months.

The Purcari shares are up 12.3% in the last year and 10.9% in the last six months. The company’s market capitalization has reached RON 510 mln (EUR 104 mln).

(Photo: Lovelyday12/ Dreamstime)

andrei@romania-insider.com