Mega Image, 25 mln euro capital raise to support expansion strategy

Mega Image Romania, controlled by the Belgian group Delhaize, completed last month a 25.2 million euro capital increase destined to support the expansion of the domestic retail network and the construction of a warehouse in Bucharest, Mediafax informs.

“Mega Image Romania’s capital raising follows the development plans we set for the next period, plans which include both our stores, the warehouse and the positioning towards consumers”, Mihai Spulber, Financial Director of Mega Image Romania, said, quoted by the newswire.

In the past two years, Mega Image has run a strong expansion programme, mainly in Bucharest which incorporates some 80 percent of its 309-unit retail network. Hence, in the context of a major development of the retail chain, a new warehouse is necessary, explained in March 2014 Frans Muller, CEO of Delhaize: “Our action plan in Romania is focused on growth. We aim at carrying on with the development in Bucharest and the establishment of the second logistics center will support the expansion and will reduce costs of goods, as states the same source. The new depot shall become operational in 2016.

Mega Image has been present in the Romanian market since 1995, currently running the largest domestic supermarket chain which, besides Bucharest, includes units in cities such as Brasov, Constanta, Ploiesti, Targoviste or Pitesti. In 2000, Mega Image was acquired by the Belgian Group Delhaize.