Bulgarian Metals Group Intertrust To Raise Capital to 15.3 Mln Euro, To List Subsidiary

The company will also prepare its subsidiary company Fintehmash for bourse listing, it said in a statement.

"We will raise capital [...] to increase our capital adequacy," Intertrust Holding executive director Roberto Mladenov told SeeNews.

For 2007 Intertrust Holding reported a 21% rise in profit before minority interest and goodwill to 45 million levs and a 11% rise in revenue to 398 million levs, the group's financial report showed.

Machinery manufacturer Fintehmash of which Intertrust Holding owns 90% will also raise its capital, to 9.0 million levs from 153,000 levs. "We are now in the process of preparing it [Fintehmash] for listing," Mladenov said without providing further details.

Intertrust Holding, which is active in mining, metallurgy, machine building, retail, transport and tourism, has said last autumn it planned investments of up to 270 million euro ($394.9 million) in the next three to three-and-a half years.

The holding group has 21 subsidiaries in four countries, including in Bulgaria's western neighbour Serbia. It is the majority owner of blue-chip zinc and lead smelter OTZK

(1 euro = 1.95583 Bulgarian levs)