The domestic fishing company SIA “Banga Ltd” in cooperation with AS “Signet Bank” has successfully debuted in the bond market, selling the secured bond issue in the amount of 2.5 million euros.
The bonds are offered to investors in the form of a closed offer. The issuer intends to admit the bonds to the Nasdaq First North alternative market within 12 months.
Over the last ten years, the company SIA “Banga Ltd” has purposefully invested in joint development, adapting and improving the production plant in accordance with the requirements of Council of Europe directives, as well as making production more sustainable and environmentally friendly, for example by installing the largest solar panel park in Kurzeme.
Banga Ltd plans to use the funds raised in the bond issue to implement a future investment project that will allow the company to continue producing high value-added products, double its production capacity and help increase profitability.
“It is a high-quality result in all processes and levels of involvement that is a stable value that has been appreciated by our customers, suppliers and partners for years. We are pleased that investors have shown great interest in Banga Ltd’s first bond issue. “Banga Ltd ‘s application in the capital market will ensure the implementation of the company’ s development plans,” says Ingus Veckagans, a member of the Board of Banga Ltd.
“Fishing industry is an important sector in the Latvian economy, therefore it is especially gratifying that the companies in the sector have been able to modernize, diversify their markets and strengthen their position on a global scale. “The issue was attended by both private and institutional investors from Latvia, and investor demand for bonds reached EUR 3.5 million, significantly exceeding the volume of the issue. This undoubtedly confirms investors’ trust in well-managed local production companies,” says Kristiāna Janvare, Signet Bank. Head of Investment Department.
“Banga Ltd” is located in Talsi region, Roja. The company produces various types of canned fish – mussels, salmon, mackerel, sprats, herring and other products. The company sells them in more than 30 countries in Europe, America, Asia and other markets.
Last year, Banga Ltd had a turnover of 8.881 million euros, which is 11.2% more than a year earlier, while the company’s profit fell by 16.5% to 501,265 euros.
The company “Banga Ltd” was registered in 2007 and its share capital is 547,565 euros. The sole owner of the company is the company SIA “Curlandia” owned by Ingus Veckāganis.
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