CG Corp’s Loss Making Moldcell Mulls to List on the Romanian Stock Exchange

Kathmandu: The second largest Maldovian telecommunications operator, Moldcell, based in Chisinau, intends to list on the Bucharest Stock Exchange(BVB). The company, taken over in 2020 by Caudhary Group, would come to the local market share, plans to enter the Romanian stock market next year future, according to information.

Moldcell had losses in the last 3 years, which amounted to $3.15 million last year, but reduced from $5.99 million in transaction 2020 and $6.23 million in 2019.

The 335-employee phone operator aims to reach $5 billion in business by 2025.Moldcell, has net sales of $67.18 million last year, operates in a distressed telecommunications market in the Republic of Moldova.

Moldcell recorded an average monthly revenue per user (ARPU) of $12.1, being the lowest among competitors Orange Moldova and Moldtelecom. At the end of last year, Moldcell had total assets of $96.41 million, down 7.60% compared to the $106.26 million audited by PwC for the end of 2020.

Although the number of users increased to a maximum of 4.7 million people and companies, in 2021 the aggregate revenues of $155.95 million dollars were only at the level of 2008, according to the data centralized by the regulator from Chisinau of the local telecom market.

With a number of 1.9 million users in 2021, Moldcell has the 2nd market share in the Republic of Moldova, after the local branch of Orange. The company, which has been operating since 2000, was sold at $31.5 million in March 2020 to the Chaudhary Group.

The seller Telia Company AB , a corporation owned by the government of Sweden, disposed of the 100% stake in Moldcell to CG Cell Technologies DAC , a company part of the Nepalese group, registered in Ireland and whose shareholders are Binod Chaudhary’s sons, Rahul and Varun respectively Chaudhary.


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