Moldova's Purcari Wineries company has listed its shares on Romania's stock exchange, amid efforts by the country's investors to switch to European markets following a Russian embargo.
Victor Bostan, the company's CEO, said on February 15 that Purcari had raised $50 million after selling 49 percent of its shares ahead of the February 16 launch on the Bucharest stock exchange (BVB) -- less than the expected $71 million.
The company has four wineries in southeast Moldova and Romania. It makes red, white, and rosé wines as well as sparkling wines that are sold in 25 countries, including Romania, the United States, Canada, Poland, the Czech Republic, Slovakia, and in Asian countries.
Moldovan officials said Russian embargoes in 2006 and 2014 cost Purcari Wineries an estimated $15 million. Before that, more than 80 percent of Purcari wine was exported to Russia.
On both occasions, Russia instituted the embargoes claiming that the Moldovan wines were impure, but critics said the moves were politically motivated as Moldova sought closer ties with the European Union and neighboring EU member Romania, with whom it shares a common language and history.
The Purcari vineyard began producing wine in 1827. Today a majority stake is held by Bostan along with Horizon Capital and International Finance Corporation.
With reporting by AP