10th Jun 2015 15:56
LONDON (Alliance News) - Reconstruction Capital II Ltd Wednesday said its net asset value increased during 2014 as its investments continued to benefit from continued growth in the Romanian and Bulgarian economies.
The investment company said its net asset value at the end of 2014 was EUR0.03775 per share, up 14.8% from EUR0.3287 per share at the end of 2013. The company said the main reason for the rise was its increased investment in Albalact SA, which is listed on the Bucharest Stock Exchange.
The company did not make any new investments in 2014, but said both the Romanian and Bulgarian economies, which reported increases in gross domestic product during 2014 of 2.9% and 1.7% respectively, are expected to grow further during 2015.
"Increased private consumption and recovering investment are expected to be the main drivers for Romania's GDP growth in 2015, whereas the Bulgarian economy would benefit from higher international demand resulting in higher net exports," it said in a statement.
At the end of 2014, Reconstruction Capital had a cash balance of EUR700,000. The company did not recommend any dividend for 2014.
Reconstruction Capital II shares were untraded on Wednesday, last trading at 0.147 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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