Bulgarian PVC, Aluminium Profiles Maker Alu-Plast Gets Regulatory Nod for IPO

The company will offer for subscription 350,000 new shares with par value of one lev each at a minimum issue price of 10 levs per share, Bulgaria's Financial Supervision Commission (FSC) said in a statement.

The company's current capital totals 1.4 million levs.

Alu-Plast expects the IPO will help it double capacity and expand to neighboring Romania and Greece, the company's finance director Ivaylo Phillipov told SeeNews in an interview in August.

Last year the company doubled its monthly capacity to 16,000 sq m of PVC and aluminium windows and doors. Earlier in 2008, it placed a bond issue worth 2.0 million euro, using the proceeds for restructuring of debt and investment in expansion.

Established in 2000, Alu-Plast (www.alu-plastbg.com) sells its products directly to individuals and corporate clients. It also sells through a network of distributors in Bulgaria.

(1 euro = 1.95583 Bulgarian levs)