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Dec 04, 2007 18:56 EEST
SOFIA (Bulgaria), December 4 (SeeNews) – Bulgarian agriculture products supplier Bulagro Group Holding plans to seek up to 7.0 million levs ($5.3 million/3.6 million euro) through listing its shares on the Bulgarian Stock Exchange to back investment plans, the company’s executive director said on Tuesday.
“Our idea is to launch an IPO [initial public offering] in the middle of next year (…) It will be between five and seven million levs,” Hristo Bunardzhiev told SeeNews by telephone from the city of Stara Zagora in central Bulgaria where the company is based.
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Bunardzhiev said Bulagro Group Holding will offer to investors 20% of its existing share capital in the IPO. Bulagro Group has share capital of one million levs, divided into 1,000 shares.
The company plans to use part of the IPO proceeds for opening distribution centres in the towns of Dobrich, Aitos, Pleven and possibly Montana, he added but declined to disclose the planned investment. He also said Bulagro will finance part of its investment plan through bank loans.
Bulagro Group expects to end 2007 with revenue of 29.2 million levs, up 42% on the year, Bunardzhiev said.
An increasing number of Bulgarian companies have recently announced plans to go public, aiming to capitalise on the growing popularity of the EU newcomer's stock market among foreign and local investors.
Bulagro Group (www.bulagro.com) has five subsidiaries active in the sale of seeds, fertilisers, agricultural equipment and yachts.
The Bulgarian lev currency is pegged at a fixed exchange rate of 1.95583 against the euro under a currency board system.
(1 euro = 1.95583 Bulgarian levs)
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