Tallinn/Riga/Vilnius, Nasdaq Baltic Market, April 18, 2023 – Nasdaq (Nasdaq: NDAQ) announces that bonds issued by Banga Ltd have been admitted to trading on the Nasdaq Baltic First North market by Nasdaq Riga as of today.
The size of Banga Ltd bond issue is EUR 2.5 million. The nominal value of bonds is 1,000 EUR with an annual coupon rate of 6%, paid out quarterly. The bonds mature in May, 2025.
Daiga Auziņa-Melalksne, CEO of Nasdaq Riga: “We are welcoming Banga Ltd on the Baltic First North market. Fisheries have always played an important role in the development of the Latvian economy, therefore we are delighted that the stock exchange can facilitate the growth of another local business!”
Ingus Veckāgans, Member of the Board of Banga Ltd: “The listing of Banga Ltd bonds on the Nasdaq First North market is the next step in our company’s progression to the public capital markets. The cash raised in the bond issue enabled the company to expand its production facilities, purchase new production equipment and increase its competitiveness in international markets. The company’s products are in demand in many countries around the world, in 2022 sales exceeded by 33.10% comparing with the previous year, and we are pleased that the company’s development is being recognised by both our global customers and investors.”
“We are delighted with the development of Banga Ltd over the last few years, and for having the courage to raise funds through the capital market. Banga Ltd bond issue saw significant interest from both private and institutional investors from Latvia with the issue oversubscribed by 1.4 times, which demonstrates strong support from local investors to well governed local manufacturers,” Kristiāna Janvare, Head of Investment Division at “Signet Bank”.
The main activity of Banga Ltd is the production of sterilised canned fish. The company’s production facility is located in Roja, Talsi District. Banga Ltd production covers the full canning cycle and it employs more than 140 people. Exports cover 4 continents and more than 30 countries, including Europe, USA, Japan and Australia. The company’s customer base includes wholesalers and distributors, as well as international retail chains. The products are made from high-quality raw fish materials supplied from Latvian, Norwegian, Spanish, Chilean and Faroese fisheries. Product quality is confirmed by IFS (International Featured Standards), MSC (Marine Stewardship Council) and ASC (Aquaculture Stewardship Council) certifications. The company’s product range comprises more than 50 products under the BANGA brand and private labels. The company’s goals for the future years include increasing production capacity, developing new products and launching them on the European/US markets, taking a leading position among canned fish producers in the region!
Nasdaq First North Market is tailored to support smaller, growing companies that want to raise capital and get the visibility and credibility of being a public company. For investors, First North offers an opportunity to invest in companies that are at an earlier stage of their growth.
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