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Sep 15, 2007 18:01 EEST
September 15 (SeeNews) - Bulgaria's Voluntary Health Insurance Network Zdrave (DOM-Zdrave) said on Saturday it would float up to 30% of its registered capital on the bourse in Sofia by the end of the year seeking fresh money to finance expansion plans.
The company will issue up to 705,000 shares with a par value of 1.0 levs ($0.709/0.511 euro), the company's press relations officer, Nevena Popova, told SeeNews. Its registered capital currently stands at 2.35 million levs.
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"The expected market capitalisation after the listing is between 6.0 and 10 million levs or two to three times per share," Popova said.
DOM-Zdrave's expansion plans focus on opening new medical centres, acquiring concessions for the use of state and municipal hospitals, as well as developing its network, the company said in a statement.
DOM-Zdrave (www.dom-zdrave.net) is set up three years ago and owned by 121 private individuals. It had a 13% market share as of June, ranking third in the sector, the company said. It collected 1.9 million levs in premiums through June.
The company would be the first health insurer to list on the Sofia bourse, which has recently started to attract a rising number of new flotations.
EU newcomer Bulgaria is considering reforms in its inefficient health sector, including the sale of hospitals and ending the monopoly of the state-run health insurance fund. The country with 7.7 million people has 13 licensed health insurance companies, which collect only voluntary health insurance contributions.
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