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SOFIA (Bulgaria), June 14 (SeeNews) - Bulgaria's Financial Supervision Commission (FSC) said that it has approved the initial public offering prospectus of local ethanol producer Almagest, which will seek to raise 20 million levs ($11.5 million/10.2 million euro).
Almagest will offer 250,000 preference shares at a subscription price of 80 levs apiece, the FSC said in a statement on Thursday.
The financial regulator also entered Almagest's existing 441,866 ordinary shares in the register of public companies, allowing them to be listed for trading on the Bulgarian Stock Exchange.
Almagest narrowed its net loss to 3.1 million levs in 2017 from 4.7 million levs in 2016, according to its latest available annual annual financial statement. Sales revenue fell to 48.3 million levs in 2017 from 54.5 million levs the year before.
The company's registered capital currently amounts to 35.35 million levs, divided into 441,866 shares of 80 levs in par value each.
Almagest, established in 2007, operates an ethanol production plant near Sofia with an annual output capacity of 30 million litres of ethanol and 24,000 tonnes of distiller's dried grains with solubles (DDGS) - a byproduct of the distillation process, which serves as animal feed.
(1 euro = 1.95583 levs)