Moldovan winemaker pivots away from Russia, lists shares

BUCHAREST, Romania (AP) — Moldovan Purcari Wineries has listed its shares on Romania's stock exchange, an example of the country's investors concentrating on European markets following a Russian embargo.

Purcari CEO Victor Bostan said the company had raised 186.2 million lei ($50 million) after selling 49 percent of its shares ahead of Thursday's launch on the stock exchange.

The company has four wineries in southeast Moldova and Romania, producing red, white and rose wines that sell in Romania, Poland, the Czech republic and Slovakia and Asia.

Officials said Russian embargos in 2006 and 2014 cost the company $15 million. Before that, more than 80 percent of Purcari wine was exported there.

The vineyard started producing wine in 1827. Today a majority stake is held by Bostan along with Horizon Capital and International Finance Corporation.