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Bulgaria's Almagest planning IPO, to offer preference shares

Author Mario Tanev
Bulgaria's Almagest planning IPO, to offer preference shares Photo: Almagest / All rights reserved.

SOFIA (Bulgaria), May 10 (SeeNews) - Bulgarian ethanol producer Almagest is planning to carry out an initial public offering of preference shares,  the Financial Supervision Commission (FSC) said.

The financial regulator has asked Almagest to provide further information and documents regarding its request for approval of an IPO prospectus, the FSC said in a statement on Thursday.

The regulator did not provide further details.

Almagest narrowed its net loss to 3.1 million levs ($1.8 million/1.6 million euro) 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 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)