Romanian cybersecurity firm Safetech, listed at Bucharest Stock Exchange, plans to issue new shares than it has now to finance its expansion abroad, particularly on the key markets of the United Kingdom and the United States.

Based on the company's documents to be discussed and approved by the shareholders on July 19, Wall-Street.ro concluded that the company aims to raise RON 8 mln (EUR 1.6 mln).

With the attracted capital, Safetech intends to set up two subsidiaries - one in London, Great Britain and another in Reston, Virginia, US.

In both companies, at least 67% of the share capital will be held by Safetech Innovations. The remaining share capital will be held by a limited liability company registered in the United Kingdom of Great Britain and Northern Ireland, Astaria Sec Ltd.

Astaria Sec Ltd. is a UK based start-up owned by Anca Stancu, which will lead Safetech International's operations abroad.

andrei@romania-insider.com

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