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Nov 19, 2007 15:47 EEST
November 19 (SeeNews) - Bulgarian transport company Etap Adress plans to list its shares on the stock exchange in Sofia next year seeking to raise capital to fund investment plans, an official close to the planned move said on Monday.
"[The listing] cannot take place before February or March," the official told SeeNews.
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"The listing could include a capital hike and floating of existing and new shares," the official said, adding that the planned bourse listing is in line with the company's investment plan. No further details were provided.
Etap Adress's capital totals 2.332 million levs ($1.7 million/1.2 million euro), divided into the same number of shares with a par value of 1.0 lev each. It is trading a 5.0 million levs bond issue on the Bulgarian Stock Exchange.
The company, 57.5% owned by Turkish private individual Bayram Zeki, holds a 37.5% stake in the central bus station of the capital Sofia. It also has a mineral water bottling plant.
Etap Adress posted a 109,000 levs consolidated net profit for the first nine months of the year, compared to a 58,000 levs net loss in the same period a year ago. Its nine-month sales rose 26.9% on the year to 6.1 million levs.
(1 euro = 1.95583 Bulgarian levs)
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