THE FIRST TRANSPARENCY EXAM, FAILED
BURSA 12.04.2017

ADINA ARDELEANU (translated by Cosmin Ghidoveanu)
 
mărește imaginea
Serghei Bulgac
     *  DIGI Communications: "No individual may rely, for any purpose, on the information included in this press release, or on the accuracy, impartiality or exhaustiveness thereof"
     *  The company isn't responding on whether it has submitted a request for the approval of the prospectus and what an "adjusted" EBITDA means, as the company has announced a margin of 31.2% for that indicator
       Dutch company "Digi Communications N.V.", the majority shareholder of "RCS&RDS" SA which holds 95.79% of the shares, yesterday announced that it intends to get listed on the BSE. The details of the offer will be published in a prospectus, following the approval by the Financial Markets Authority of Netherlands (Stichting Autoriteit Financiële Markten).
     The listing of "RCS&RDS" has been awaited for years, meaning that the players in the Romanian stock market, led by the BSE, have rushed to pop open the champagne, before reviewing what is included in the offer, in which part of the shareholders are putting up for sale a stake of 25% of the company, and to "translate" the Digi press release.
     It is true, a new private IPO, following the MedLife model in December, represents a good PR event for the Romanian market, which is in the process of being monitored for moving up to the emerging market status.
     Beyond the PR exercise however, the Digi ad provides no clear information about the company that is going to be listed, in fact it actually leaves room for confusions.
     * "DIGI" and "RCS&RDS"?
     First of all, the name of the company making the offer - "Digi Communications N.V." - only appears in the title of the press release, while it is afterwards simply referred to as "DIGI".
     About "DIGI" we find out that it is a "significant provider of telecommunications services in Romania and Hungary". Still, throughout the press release, the key aspects presented about "DIGI" seem to be referring to "RCS&RDS": "The diversified portfolio of complementary media and telecommunications services, its advanced infrastructure and latest generation fiber optic networks on the core markets allow the company to provide reliable coverage to its customers, solid financial performance, very reliable management team, attractive dynamic of the local industry, with a structural stable growth".
     The announcement features no direct mention of "RCS&RDS", it just presents a statement by Serghei Bulgac, CEO of RCS & RDS SA, the biggest operational company of the group and future CEO of DIGI: "Today marks a historic day for DIGI Communications NV and for the Romanian economy, in general. As one of the biggest providers of telecommunications services in Romania and Hungary, the intention to get listed on the Bucharest Stock Exchange is an important opportunity for the Romanian public and will represent an achievement that we are very proud of.
     By investing in DIGI, investors get access to an attractive leader in the industry, with a stable structural growth. Investors will benefit from the expertise of our management team and from a brand with strong recognition on the markets that we are active on and on our customer segments. The Board of Directors of the Company proudly supports this stage of our development and eagerly awaits to work with future shareholders, as a company listed on the stock exchange".
     Digi Communications NV is the parent company of the "RCS& RDS" group, the representatives of "RCS&RDS" SA said, upon an enquiry from "BURSA".
     They have stated that "Cable Communications Systems", the parent company of "RCS&RDS" is being changed into Digi Communications NV. According to the Office of the Trade Registry, "Cable Communications Systems" owns 95.79% of "RCS&RDS".
     The company also wants to suggest that it has remarkable earnings.
     According to the announcement sent yesterday, DIGI has constantly generated strong revenue flows and a robust adjusted EBITDA since 2014: "In 2016, DIGI generated revenues of 842.8 million Euros, and the adjusted EBITDA and the relevant margin have amounted to 263.3 million Euros and 31.2% respectively, representing an annual compounded growth rate of 8%, between 2014 and 2016".
     The representatives of the company have declined to explain what "adjusted EBITDA" means or if they have already submitted the request for the approval of the prospectus with the Oversight Authority of Holland.
     The fact that a company that wants to get listed, meaning it is willing to become transparent, doesn't provide answers to some simple questions, based on its own press release, raises suspicions, especially since the uncertainties concerned a mere definition. Behind the pompous phrases, there is clear no economic information, which would allow investors to make a decision on whether to participate in the offer, like some voices in the market claim.
     Furthermore, the company does not recommend to investors to rely on its own data presented in the announcement: "The content of this communication has been drawn up by DIGI at its own responsibility.
     The information included in this press release and they do not make any claims of completeness. No individual may rely, for any purpose, o the information included in this press release, or on the accuracy, impartiality or exhaustiveness thereof".
     The DIGI announcement, also shows that investors shouldn't buy any securities mentioned, unless they do that based on the information included in the prospectus, which will be published once it is approved.
     * The offer, for a block of 25% class B shares
     The DIGI announcement mentions an IPO, which will include an offer of class B ordinary shares originating from existing shareholders: "The company will not obtain any part of the amount obtained from the sale of the shares on offer".
     Some brokers have noted, however, that in the case of DIGI, it is a secondary public offer, given that the securities are offered for sale to other shareholders.
     The IPO represents the first public offer to sell shares in a closed company, following which the company in question becomes open.
     The company intends to take public at least 25% of the share capital of the company, assuming the exercising of the over-allocation option of 10% of the shares is exercised immediately after approval".
     Investors will need to take into consideration, when making the decision on whether to invest in the IPO, the difference between the company's stock classes.
     The DIGI press release states: "The company has also issued ordinary class A shares, but which are not part of the Offer and which will not be listed.
     Each class B share grants one vote and each class A share grants 10 votes. Class B shares grant the same rights to dividends as class A shares".
     The company is also considering the fact that it will not perform the IPO: "The proposed offer, if it takes place, will consist of an offer: (i) aimed at the Romanian public and (ii) at certain institutional and professional investors and the admission of the Offered Shares on the Regulated Spot Market of the Bucharest Stock Exchange".
     Citigroup and Deutsche Bank act as Joint Global Coordinators and together with BT Capital Partners S.A., BRD - Groupe Societe Generale S.A., Societe Generale S.A., Raiffeisen Bank S.A. and Wood & Company Financial Services, a.s. as Joint Holders of the Subscription Registry.
     DIGI expects the stock to start trading in May 2017.
     * Revenues of 612.7 million Euros, in Romania in 2016
     "For the year which ended on December 31st, 2016, our operations in Romania have generated 612.7 million Euros, or 72.7%, of our total revenues; our operations in Hungary have generated 137.9 million Euros, or 16.4%, of our total revenues; our operations in Spain have generated 83.0 million Euros, or 9.9% of our total revenues; and our operations in Italy have generated 9.2 million Euros, or 1.1%, of our total revenues", the DIGI press release states.
     The company's representatives further state: "Our activity has predominantly seen an organic growth of from approximately 0.7 million revenue generating units (UGV) on December 31st, 2002 to approximately 12.4 million UGVs on December 31st, 2016, during which time we have developed from a cable TV provider to a provider of «multiple play» services, including cable TV, internet and fixed data, mobile telecommunications, fixed telephone and DTH (direct to home) TV services. On December 31st, 2016, we had a total of approximately 12.4 million UGVs, of which approximately 3.3 million were UGVs for cable TV services, approximately 2.5 million were UGVs for internet and fixed data services, approximately 3.9 million were UGVs for mobile telecommunications units, approximately 1.7 million were UGVs for landline telephony and approximately 0.9 million were UGVs for DTH TV services".
     The company provides 5 main services: "Cable TV is our initial line of business. On December 31st 2016, we had approximately 2.9 million UGVs in Romania and approximately 473,000 UGVs in Hungary, for the cable TV services. Cable TV services have generated 25.7% of our total revenues, in the year that ended on December 31st 2016. On that date, our cable TV services, together with our DTH services, had a market share of approximately 49.0% and approximately 25.1% of the markets for subscription TV in Romania and Hungary, respectively (Sources: Statements of the Group and of the companies operating on the same segment, the National Romanian Authority for the Management and Regulation of Communications ("ANCOM"), the National Hungarian Authority for Media and Infocommunications ("NMIAH")).
     Our internet and fixed data services are mainly provided through our FTTB ("Fiber to the Building")/FTTH ("Fiber to the home") networks which use the GPON technology or a comparable technology in Romania and Hungary. On December 31st, 2016, we had approximately 2.1 million UGVs for the internet services and fixed data in Romania and approximately 428,000 UGV in Hungary. The internet and fixed data services have generated 23.9% of our revenues in the year that ended on December 31st, 2016. On that date, our internet and fixed data services had market shares of approximately 48.6% and approximately 15.8% in Romania and Hungary respectively (Sources: Statements of the Group and of the companies operating on the same segment, ANCOM, NMIAH).
     We provide mobile telecommunications services using our 3G and 4G services in Romania, and as MVNO (mobile virtual network operator) focused on the Romanian communities in Spain and Italy. On December 31st, 2016, we had approximately 3.2 million UGVs for the mobile telecommunications services in Romania, approximately 14,000 UGVs in Hungary (where we provide internet and mobile data services as reseller through the Telenor network), approximately 609,000 UGVs in Spain and approximately 86,000 UGVs in Italy. The mobile telecommunications services have generated 25.5% of our revenues in the year that ended on December 31st, 2016. On that date, our mobile telecommunications services had a market share of approximately 11.6% in Romania and relatively small market shares in Hungary, Spain and Italy (Sources: Statements of the Group and of the companies operating on the same segment, ANCOM).
     We provide landline telephony services through our networks in Romania and Hungary. On December 31st, 2016, we had approximately 1.3 million UGVs for landline telephony services in Romania and approximately 353,000 UGVs for the same service in Hungary. Landline telephony services have generated 3.8% of our revenues in the year that ended on December 31st, 2016. On that date, our landline telephony services had a market share of approximately 31.7% and approximately 11.6% in Romania, and respectively in Hungary (Sources: Statements of the Group and of the companies operating on the same segment, ANCOM, NMIAH).
     Our satellite DTH TV services are provided in Romania and Hungary. On December 31st, 2016, we had approximately 641,000 UGV for the DTH services in Romania and approximately 307,000 UGVs for the DTH services in Hungary. The DTH services represented 8.3% of our revenues in the year that ended on December 31st, 2016".
     The company operates in Romania, Hungary, Spain and Italy.
     * RCS & RDS has completed the refinancing of the group, in October 2016, and has listed its bonds in Ireland
     In October 2016, RCS&RDS SA and Cable Communications Systems NV have completed the refinancing of the group through a bonds issue of 350 million Euros and a syndicated loan of up to 1.687 billion lei.
     The bonds issue of 350 million Euros by Cable Communications Systems NV (the parent company of RCS&RDS SA) has a 2023 maturity and an annual interest rate of 5%, according to the company, which further stated: "The bonds issue is guaranteed by RCS&RDS SA. The date of October 26th, 2016 is set as the maturity of the bonds, which will then be admitted for trading on the Irish Stock Exchange".
     Another component of the transaction has consisted of the contracting by RCS&RDS SA of a syndicated loan with a total amount of up to 1.687 billion lei, made up of three credit facilities.
     According to the company, the amounts raised following these two financing operations have been used for the early repayment of the bonds with a total amount of 450 million Euros with an annual interest rate of 7.5% issued by Cable Communications Systems in 2013, as well as of some facilities contracted by RCS&RDS SA in 2015 and 2016, respectively.
     In 2007, "RCS&RDS" intended to get listed on the London Stock Exchange, through global depository receipts (GDR), but scrapped that plan and resorted to bank loans for financing.
     In 2013, "RCS&RDS" succeeded in selling, on the foreign market, bonds with a total amount of 450 million Euros, 100 million Euros more than the initial offer, following significant demand, and the return achieved was 7.5%.
     In 2015, the company posted a loss of 17.9 million lei, down from 71.04 million lei, in 2014, amid turnover of 2.69 billion lei, in 2015, compared to 2.31 billion lei, in 2014. The company's debts amounted to 4.42 billion lei on December 31st 2015.
     The RCS&RDS shareholders are being summoned, on April 26th, to decide the allocation of the profit from the previous years. In 2013, 2014 and 2015, the company posted losses, and the 2016 data has not yet been submitted to the Finance Ministry. 

     Shareholders of Cable Communication Systems N.V. (Olanda): RCS Management SA - 57.87%, Carpathian Cable Investment S.a.r.l. (Luxemburg) - 19.67%, Cable Communications Systems N.V. (Olanda) - 8.17%, Celest Limited (Cyprus) - 5.32%, Teszari Zoltan - 4.60%, Oprea Alexandru - 0.93%, ING Bank N.V. - 0.68%, Tal Joshua Moses Almog - 0.65%, Trumbull Capitol 2 Advisors - 0.58%, Gustav Wurmboeck - 0.46%, Bendei Ioan - 0.38%, Maftei Gheorghe - 0.36%, Jordan Mariuma - 0.34%, according to the CNA.
     The shareholders of RCS Management SA: Teszari Zoltan - 58.9147%, Cable Communications Systems N.V. (Holland) - 9.1735%, Bugarszki Sfetozar - 6%, Schelean Nicușor Dorel - 4.1544%, Bendei Ioan - 4.5098%, Maftei Gheorghe - 4.5098%, Patap Mihai - 4.325%, Docea Maria - 4.3382%, Sirian Radu Traian - 2.1765%, Schelean Dorina - 1.898%. (source CNA on December 15th, 2016)

 
 

 
Readers' comments    [ add a comment ] 
Aceeasi sectiune (English Section)
11 DAYS LEFT / TRICKS TO FORCE THE EXTENSION OF THE MANDATE OF THE CEO OF THE BSE
FINANCE MINISTER CONFIRMS WHAT BURSA REPORTED FIVE MONTHS AGO:
GABRIEL DUMITRAȘCU, ABOUT THE INCREASE OF THE PRICE OF ELECTRICITY:
IN THE ROW OF THE DOUBLE STANDARD
CEC BANK CHAIRMAN REACTS TO THE STATEMENTS OF LUCIAN ISAR:
Actualitate - vezi toate știrile mai jos.
Miscellanea, 16:48
     * Cel puțin 44 de oameni au fost răniți
       * ACTUALIZARE 17:00 MAE: "Printre victimele accidentului se află și cetățeni români"
     Ministerul Afacerilor Externe anunță că printre victimele accidentului rutier care a avut loc miercuri în regiunea Bohmte-Leckermuhle, în Germania, se află și cetățeni români, potrivit unui comunicat de presă.
     ------
     Un autobuz cu 50 de persoane la bord, majoritatea muncitoare românce în domeniul agricol, s-a răsturnat astăzi în nord-vestul Germaniei, la Bohmte, în apropiere de Osnabrueck. Potrivit primelor date, 44 de oameni au fost răniți, dintre care șase grav, relatează publicația Ordwest Zeitung.  detalii
Companii-Afaceri, 16:40
     "Metrorex" va desfășura în perioada 2 septembrie - 19 septembrie a acestui an etapa finală a lucrărilor de modernizare a instalațiilor de control-acces care va avea loc în șase stații cu un singur acces, informează un comunicat de presă al companiei.  detalii
Companii-Afaceri, 16:12
     * Manualul urmărește adoptarea unei metodologii de lucru uniforme în întreaga Europă
     * Proiectul, finanțat prin Programul Erasmus+ al UE, a demarat la 1 septembrie 2015
       Asociația Națională a Evaluatorilor Autorizați din România (ANEVAR) a participat, în calitate de partener și consultant, la realizarea primului proiect educațional care își propune să ofere o calificare uniformă la nivel european în evaluarea proprietăţii imobiliare. Proiectul se intitulează VARVET - Valuer Access to Recognized Vocational Education and Training și a fost coordonat de Institute of Revenues Rating and Valuation (IRRV) din Marea Britanie, la el contribuind și asociațiile profesionale din Polonia (PFVA) și Bulgaria (CIAB), potrivit unui comunicat de al ANEVAR, trimis Redacției.  detalii
Companii-Afaceri, 15:39
     Executivul a aprobat astăzi constituirea și funcționarea centrelor comunitare de învățare permanentă, instituții care vor contribui la îmbunătățirea continuă a calificării profesionale, potrivit cerințelor mediului de afaceri și în acord cu programele europene de educație pe tot parcursul vieții, se arată într-un comunicat oficial.  detalii
Companii-Afaceri, 15:36
ÎN PRIMUL SEMESTRU,
     Societatea Națională a Sării (SNS) a înregistrat, în primul semestru din acest an, un profit net de peste 47 milioane de lei, reprezentând o creștere cu 84% a acestuia, față de aceeași perioadă a anului trecut, potrivit unui comunicat de presă al societății.  detalii
Ediții precedente
Newsletter Facebook Twitter YouTube LinkedIn RSS
Jurnal Bursier
23.08.2017
BVB
     * Titlurile SNG, cele mai tranzacționate
       Piața Bursei de Valori București (BVB) a înregistrat, în ședința de tranzacționare de ieri, o lichiditate de 34,05 milioane de lei (7,42 milioane euro), nici măcar jumătate din media zilnică a...  detalii
23.08.2017
BURSELE DIN LUME
     * Titlurile "Provident Financial" s-au prăbușit
       Acțiunile companiilor listate în Europa au crescut ieri, cele mai importante câștiguri fiind înregistrate în sectorul minier, după ce gigantul "BHP Billiton" Plc a informat că va majora...  detalii
22.08.2017
BURSELE DIN LUME
     Bursele din Europa au urmat un curs ușor negativ ieri, incertitudinile geopolitice din Asia resimțindu-se și în regiune.  detalii
22.08.2017
BVB
     Piața Bursei de Valori București (BVB) a înregistrat, în ședința de tranzacționare de ieri, o lichiditate de 23,2 milioane de lei (5,06 milioane euro), nici măcar jumătate din media zilnică a...  detalii
21.08.2017
BVB
     * Titlurile "OMV Petrom", cele mai lichide
       Ultima ședință de tranzacționare a săptămânii a fost marcată de un rulaj scăzut, volumul fiind de 5,82 milioane de euro, aproape jumătate din media zilnică a acestui an, de 10,49 milioane de euro.  detalii
21.08.2017
BURSELE DIN LUME
     Acțiunile tranzacționate la bursele din Europa s-au înscris pe un curs negativ vineri, ca urmare a atentatului care a avut loc în Spania, în ziua precedentă.  detalii
Cotații Internaționale

Curs Valutar

Curs valabil din data de 23 august 2017
1 Dolar australian...
1 Leva bulgărească...
1 Dolar canadian....
1 Franc elvețian...
1 Coroană cehă...
1 Coroană daneză...
1 Liră egipteană...
1 Euro...
1 Liră sterlină...
100 Forinți maghiari...
100 Yeni japonezi...
1 Leu moldovenesc...
1 Coroană norvegiană...
1 Zlot polonez...
1 Rublă rusească...
1 Coroană suedeză...
1 Liră turcească...
1 Dolar S.U.A...
1 Rand sud-african...
1 Real brazilian...
1 Renminbi chinezesc...
1 Rupie indiană...
100 Woni sud-coreeni...
1 Peso mexican...
1 Dolar neo-zeelandez...
1 Dinar sărbesc...
1 Hryvna ucraineană...
1 Dirham emirate arabe...
1 Kuna croată...
1 Bahtul thailandez...
1 Gram aur...
1 DST...
AUD
BGN
CAD
CHF
CZK
DKK
EGP
EUR
GBP
HUF
JPY
MDL
NOK
PLN
RUB
SEK
TRL
USD
ZAR
BRL
CNY
INR
KRW
MXN
NZD
RSD
UAH
AED
HRK
THB
XAU
XDR
3,0745
2,3455
3,0960
4,0217
0,1757
0,6168
0,2198
4,5873
5,9862
1,5118
3,5618
0,2183
0,4933
1,0709
0,0659
0,4812
1,1135
3,8951
0,2942
1,2318
0,5845
0,0608
0,3444
0,2192
2,8110
0,0384
0,1522
1,0605
0,6194
0,1168
161,1407
5,4899
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
click aici pentru cursurile pieței valutare - istoric
English Section
22.08.2017
     We are left with one expression - "You've stooped to Sobolewski's level?!" - because the former CEO of the BSE has become a proverbial figure through his unprecedented scandal which...  details
22.08.2017
     Mihai Fercală, the executive chairman of SIF Transilvania, a shareholder which owns approximately 8% of the BSE, thinks that the mandate of Ludwik Sobolewski as CEO of the BSE has expired...  details
21.08.2017
THE LAST DAY OF HIS TERM
     Starting today, Ludwik Sobolewski should be handing in the keys to the BSE (more specifically, the access card, the computer passwords), as well as the goods availed to him by the exchange - the...  details
11.08.2017
     Twenty seven banks haven't paid any profit tax in the last 6 years, which has shaken Minister of Public Finances Ionuț Mișa, as well as some MPs, bankers and even the Governor of the National...  details
10.08.2017
11 DAYS LEFT / TRICKS TO FORCE THE EXTENSION OF THE MANDATE OF THE CEO OF THE BSE
     Considering how many tricks Lucian Anghel, the president of the Bucharest Stock Exchange has tried, in order to extend the term of CEO Ludwik Sobolewski, it would be actually crazy if they...  details
08.08.2017
JACK CUTIȘTEANU, PETPROD:
     The state speculates the economy and household consumers, through Hidroelectrica, CEO, Nucleareletrica and CEH, says Jack Cutișteanu, the CEO of Petprod, referring to the evolution of the price of...  details
03.08.2017
FINANCE MINISTER CONFIRMS WHAT BURSA REPORTED FIVE MONTHS AGO:
     * PNL senator Daniel Cătălin Zamfir asks for a "list of shame" of banks that don't pay taxes
     * According to information obtained by BURSA, between 2011-2015, banks in Romania paid 1.3 billion lei (288 million Euros) in taxes
       Public Finance Minister Ionuț Mișa says that almost three quarters of banks operating in Romania haven't paid profit tax in the last few years. With that statement, the head of the Finance...  details
02.08.2017
GABRIEL DUMITRAȘCU, ABOUT THE INCREASE OF THE PRICE OF ELECTRICITY:
     * Dumitrașcu: "Among other things, we recently even had to import the system services, and system services energy is three times more expensive than that on the Day-Ahead market"
       The price of electricity and its increase on the Day-ahead market (PZU) of the OPCOM exchange keeps causing discontent among the players and specialists on the market and is keeping consumers on...  details
01.08.2017
EUROPEAN MP RAMONA MĂNESCU:
     * "We have asked for clarifications and a position of the Commission on whether the Hungarian initiative complies with the Energy Security Strategy of the European Union and the coordination with BRUA"
       The announcement of Hungarian gas operator FGSZ that BRUA would end in Hungary instead of in Austria was surprising and it didn't come as a result of consultations with its regional partners or...  details
31.07.2017
STOCK MARKET SOURCES:
     Lucian Anghel, the president of the BSE, today summoned the Board of the BSE to discuss the terms of the contract of Ludwik Sobolewski, whose mandate expires on August 21st. According to sources...  details
28.07.2017
IN THE ROW OF THE DOUBLE STANDARD
     * The Minister of Agriculture continues to hide the names of the products that have a double standard and of their producers
     * "The minister of agriculture mismanaged the issue of the double standard of food products", says Costel Stanciu, the president of the APC, who asked for the resignation of Petre Daea
       The results of the tests concerning the double standard, conducted on some of the foods and presented on Wednesday by agriculture minister Petre Daea has raised a series of questions, angering both...  details
27.07.2017
ROW AROUND OLTCHIM
     * Ștefan Vuza made a series of statements lately, saying that Oltchim is not making investments, that are there companies that parasitize Oltchim and that the plant's profit isn't real
     * Oltchim executives: "It can be said that the participation of Chimcomplex in the process for the sale of Oltchim has been made exclusively in order to get access to information that would then be used for the benefit of their own businesses"
     * Piperea: "If, because of these statements, the sale of the distinct blocks of assets fails, then Oltchim will bring a tort liability lawsuit, signed by me"
       At Oltchim there is corruption and there are no parasite companies, lawyer Gheorghe Piperea, bankruptcy trustee of the Râmnicu Vâlcea plant, in response to the statements made over the course of...  details
26.07.2017
SOURCES CLOSE TO THE SITUATION:
     * Sources: "A large segment of the price asked for the Mariott building represents the loan contracted by Grand SRL and guaranteed by the state"
     * Dedeman wants to buy the Marriott complex, according to our sources
     * AFI Europe has announced that Dedeman is scrapping plans to buy AFI 4 and 5
       The Austrians of Strabag are asking for 140 million Euros for the building the Marriott hotel of Bucharest is operating in, according to sources close to the deal.  details
25.07.2017
SPECIALISTS:
     * The BRUA project can no longer be funded, after Hungary announced that it would stop on the Hungarian territory, our sources are saying
       The BRUA pipeline, which was supposed to go through Bulgaria, Romania, Hungary and Austria, will have the same fate as Nabucco, meaning it won't be built, some market specialists think.  details
24.07.2017
CEC BANK CHAIRMAN REACTS TO THE STATEMENTS OF LUCIAN ISAR:
     * (Interview with Mr. Radu Grațian Ghețea, the president of CEC Bank)
     * CEC Bank intends to end this year with a three figure profit
     * CEC Bank chairman: "When the EBA makes moves and finds an easing of interest rates is possible, then that will happen over here as well"
     * Radu Ghețea: "In the case of Romcab, we have begun the foreclosure, we have foreclosed some of the collaterals and we will continue to foreclose on others"
       CEC Bank intends to end this year with a three figure profit, Radu Grațian Ghețea, the chairman of the bank told us in a sizeable interview.  details
.