EBRD lends 5 million euros to Romanian distributor FMCG Aquila
BUCHAREST (Romania), December 22 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) announced on Wednesday that it is granting a long-term loan of 5 million euros ($5.8 million) to Romanian consumer goods distribution and logistics company Aquila.
The agreement provides an option for the bank to purchase from Aquila’s founding shareholders a number of Aquila shares up to the value of the disbursed loan, at a pre-agreed exercise price, it said. the EBRD in a project summary document.
The funding will help the company expand its own brand portfolio, implement warehouse automation and enterprise resource planning software to manage and integrate financial, supply chain, operational, commercial activities , reporting, manufacturing and human resources.
The funds will also help meet working capital needs. Additionally, the investment will improve the reach of Aquila’s own brands, improve warehouse productivity and advance the digitalization of the business. In addition, with the assistance of the EBRD, the company will implement a comprehensive corporate governance action plan.
Aquila was created in November 1994 as an entity specializing in integrated consumer goods distribution and logistics services. Since 2001, the company has expanded in Moldova by creating the distribution company Trigor AVD.
The company started trading on the main market of the Bucharest Stock Exchange (BVB) at the end of November following the successful conclusion of an initial public offering (IPO) worth 367 million lei (83 million dollars/ 67 million euros), the largest conducted by far by an entrepreneurial company on the Romanian capital market. Its shares changed hands up 0.36% to 5.54 lei at 1244 CET on Wednesday.