Page 132 - SE Outlook Regions 2022

such as London-based quarrying, stone processing and dimension stone
marketing company Fox Marble, listed on the London Stock Exchange’s AIM
market, and Beowulf Mining, listed on the AIM in London and Spotlight in
Sweden. Beowulf is a UK registered Nordic focused exploration and
development company that has a 46.1% interest in Vardar Minerals Ltd, a UK
registered exploration company with a focus on the Balkans.

5.6 Markets - Moldova

With a rather symbolic stock exchange operating in Chisinau, Moldovan
companies seeking to list shares tend to consider foreign exchanges.
Moldova Agroindbank (MAIB), the biggest bank in Moldova with around 30% of
the banking system’s total assets, aims to launch an IPO around 2023-24 in
London, Amsterdam, Warsaw or Bucharest. The bank is already listed on the
Moldovan stock exchange, however, the local bourse lacks liquidity.

Purcari Wineries became the first Moldovan company to IPO on the Bucharest
Stock Exchange in 2018, and has been pursuing international expansion. In
the first nine months of 2021, Purcari reported 20% sales growth, while its
Ebitda margin reached 35% and net Income margin 24%.

5.7 Markets - Montenegro

Montenegro’s stock exchange is small and not well developed. Its market
capitalisation was €3.14bn at the end of November, while the turnover stood at
€5.89mn. As in previous years, in 2022 the bourse is not expected to develop
significantly due to the small market in the country of around 620,000 people.

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