Romanian snacks producer Golden Foods, which makes nuts and seeds sold under the Elmas brand, has launched EUR 1 million bonds last week and will list the papers at the Bucharest Stock Exchange.

The company pays an interest rate of 9% per year, Ziarul Financiar daily said.

The company carried out a similar operation in the winter of 2019 when it needed funds for expanding the product range.

The new bonds are not guaranteed, unlike those in 2019 that have the Elmas brand as a guarantee.

The company has pledged not to distribute dividends to shareholders until it repurchases the new bonds.

Golden Foods has two Cyprus-registered shareholders: GF Holdings Limited (55.8%) and Golden Brands Limited (44.2%).

The company reported in 2019 a turnover of RON 53.4 million (EUR 11.5 mln), up 15.5% compared to 2018, and a net profit of RON 394,300 (EUR 85,000), down 69%.

The company had 109 employees at the end of 2019.

(Photo: Brad Wynnyk/ Dreamstime)

andrei@romania-insider.com