Bucharest-listed cybersecurity expert Safetech to finance expansion abroad with new shares

Bucharest-listed cybersecurity expert Safetech to finance expansion abroad with new shares

By bne IntelliNews June 16, 2021

Romanian cybersecurity firm Safetech, listed on the Bucharest Stock Exchange (BVB), announced plans to issue new shares to finance its expansion abroad particularly on the key markets of the UK and US.

The company’s shares rose another 6% upon the announcement, trading at multiples that — just like other tech firms on the BVB’s AeRO secondary market do — defy the fundamentals: a price to book value ratio of 30 and a price-earnings ratio of 59.

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 RON8mn (€1.6mn).

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

In both companies, at least 67% of the share capital will be held by Safetech Innovations and the remaining share capital will be held by a limited liability company registered in the UK, Astaria Sec Ltd. Astaria Sec Ltd is a UK based start-up owned by Anca Stancu, which will lead Safetech International's operations abroad.

Read in IntelliNews Pro

Get IntelliNews Pro

Related Content

Romania’s GDP up 0.9% y/y in January-September, negative base effects expected for Q4

Romania’s industrial output falls by 2.0% q/q in Q3

Romanian intelligence service says bot farms active ahead of presidential election

Romania’s GDP up 0.9% y/y in January-September, negative base effects expected for Q4

Romania’s industrial output falls by 2.0% q/q in Q3

Romanian intelligence service says bot farms active ahead of presidential election

Tech

Top Uzbek e-commerce and fintech player Uzum posts $100mn in 9M24 net income

Express delivery service now significant revenue stream. Users represent third of Uzbekistan’s population.

Bitcoin mining in Georgia's Svaneti risks leaving households without power this winter

The mountainous Svaneti region has become a cryptocurrency haven in recent years after the Georgian government slashed electricity prices for highland areas.

Serbia to launch Tesla Venture studio in January 2025

Startup “factory” intended to position Belgrade as a regional centre for entrepreneurship and start-up growth, says Chamber of Commerce and Industry.

Romanian intelligence service says bot farms active ahead of presidential election

SRI rules out role of “hostile foreign actors” after speculation Russia was behind disinformation campaigns.

Telekom Srbija plans US expansion after Trump's victory

CEO Vladimir Lucic believes Trump's re-election could benefit both the Serbian economy and Telekom Srbija.

Top Uzbek e-commerce and fintech player Uzum posts $100mn in 9M24 net income

Bitcoin mining in Georgia's Svaneti risks leaving households without power this winter

Serbia to launch Tesla Venture studio in January 2025

Romanian intelligence service says bot farms active ahead of presidential election

Telekom Srbija plans US expansion after Trump's victory

Dismiss

Chat with usLiveChat