Golden Foods Snacks to start trading on the stock exchange | Progresiv
Golden Foods Snacks, the owner of the Elmas brand, has entered trading on the Multilateral Trading System administered by the Bucharest Stock Exchange. 
The bonds have a maturity of 3 years and a fixed interest, of 9% per year payable quarterly. In total, the issue amounts to 4.7 million lei and is guaranteed with the brand, a first in the field.
"We strive to be the first choice for consumers, we want to be the first choice for investors," says Konstantinos Mitzalis, CEO of Golden Foods Snacks.
In Romania, Golden Foods Snacks produces and distributes three types of products: seeds, nuts and dehydrated fruits. These can be found in large retail chains nationwide, as well as in convenience stores. In total, 113 people work for the company, 80 of them at the production unit in Filipestii de Padure, Prahova county.
The company entered Romania in the autumn of 2009 when it took over the right to use the Elmas brand and is one of the main players in the salted snacks local market. Currently, it produces and packs private brands for Carrefour, Cora, Mega Image and Rewe / Penny.
Private brands account for 9% of the group's net sales, sales which increased by almost 13% in 2019. The peaks for sale are during the holidays, Christmas and Easter.
Export accounts for 5% of Golden Foods Snacks sales, and the company claims to target markets where there are many Romanias. 90% of exports go to Australia.
In 2018, Golden Foods Snacks had a turnover of 46.2 million lei (almost 10 million euros), up by 18% compared to the previous year. About 76% of the turnover was realized from the activity with modern trade, while 24% of it comes from traditional trade and export. The turnover is estimated to advance to 71.6 million lei by 2022.
Golden Foods Snacks is indirectly controlled by the Mitzaliz family, through GF Holding Limited (55.78%) and Golden Brands Limited (44.22%). The Mitzaliz family has developed several companies over the time that they sold to Pepsico (1986 - Tasty Foods Greece, 2004 - Star Foods Romania, 2005 - Star Foods Poland, respectively Interstar Chim).
