The shares of Romanian cybersecurity firm SafeTech Innovations (SAFE) rose by 12% on Friday, March 12, after the company convened the shareholders to approve the distribution of free shares. Thus, the shareholders will have to vote in the EGMS on April 16, the increase of the share capital by RON 2.5 mln from last year's net profit.

The company will issue 12.5 million new shares that will be distributed to the shareholders free of charge. Each shareholder will get four newly issued shares for each share held on July 20, 2021.

SafeTech listed its shares on the Bucharest Stock Exchange's AeRO market on January 21, 2021. On the first day, the shares reached RON, six times more than the price paid by investors in a private placement that the company carried out in October. On Friday, the SAFE shares closed at RON 41.3, 72% more compared to the price in the first session.

The shares of Romanian smartphone producer iHunt Technology (HUNT) also went up by 9.1% on Friday after the company made a similar proposal to capitalize its 2020 profit and distribute free shares to its shareholders. iHunt will issue four new shares for each share held, and the total capital increase amounts to RON 5.64 mln.

The iHUNT shares have doubled their price since the beginning of this year and are up more than ten times in the last 12 months.

andrei@romania-insider.com

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