MIB at the Bucharest Stock Exchange

Millennium Insurance Broker (stock symbol: MIB) Begins Trading on Bucharest Stock Exchange

Millennium Insurance Broker (MIB), an insurance brokerage company with the Autonom Group holding 31.75% of its shares, began trading on the Bucharest Stock Exchange on February 27, 2023. This follows a private placement conducted in the autumn of 2022, through which the company raised 4.2 million lei from investors. As of the writing of this news, MIB shares are trading at 13.5 lei, up 12.5% from the price in the private placement, with transactions totaling 32,000 lei, according to data aggregated by ZF from broker platforms. The company's capitalization reaches 28 million lei. Thus, the first listing with shares in 2023 on BVB is considered a success, given the higher price compared to the private placement.

In 2022, the company reported a turnover of 49 million lei, a 28% increase compared to 2021. The net profit for 2022 stands at 2.5 million lei, up approximately 31% from the net profit of 1.9 million lei in 2021. "Starting today, we have the shares of Millennium Insurance Broker listed on the Bucharest Stock Exchange, the first company to list on the AeRO market of BVB this year. The company's listing increases the representation of the financial services sector on the Bucharest Stock Exchange and provides more options for portfolio diversification for investors. We wish much success to the Millennium Insurance Broker team and are pleased that they have found the necessary capital market resources to develop their business," said Radu Hanga, President of the Bucharest Stock Exchange.

Through the capital increase operation, the company issued and sold 347,587 new ordinary shares to 42 investors, including 32 legal entities and 10 individuals. During the private placement, a total of 601,295 ordinary shares with a nominal value of 0.28 lei per share were subscribed. The subscription price in the offer was 12 lei per share, according to BVB.

“We are excited to mark the beginning of a new growth phase for Millennium Insurance Broker (MIB) with our listing on the Bucharest Stock Exchange. Completing the first private placement for capital raising and the listing on the AeRO market of BVB today are two significant milestones for us, reflecting the soundness of our decisions over time and demonstrating that we have built a solid, respected, and well-known company. We thank our investors and partners for their trust in our ambitious development plans. We aim to optimally meet the protection needs of Romanians and Romanian companies and to fulfill the expectations of our partners and investors,” said Stefan Prigoreanu, CEO of MIB.

Founded in 1997, Millennium Insurance Broker offers a range of insurance brokerage services including RCA, CASCO, home insurance, life insurance, health insurance, and transportation insurance. The company has national coverage through its network of 130 franchises and a developed national presence in 79 localities across 35 counties. As of the end of September, the company held a market share of 2.40%, ranking 9th among insurance brokers in the market.

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