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Oct 22, 2007 17:59 EEST
SOFIA (Bulgaria), October 22 (SeeNews) – The company managing the CBA supermarkets in three Bulgarian cities on Monday said it has received a regulatory approval to launch an initial public offering (IPO) in which it seeks to raise at least 7.8 million levs ($5.4 million/4.0 million euro).
CBA Asset Management said in a statement the IPO, in which the company will offer 3.9 million new shares at a minimum issue price of 2.0 levs each, will start on the first working day after the IPO notice si published in the official gazette and will be open for three days.
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In case the issue is twice oversubscribed, the majority shareholders will sell up to 780,000 shares of the company's current share capital to meet investor demand, the company said earlier.
An increasing number of Bulgarian companies have recently announced plans to go public , aiming to capitalise on the growing popularity of the EU newcomer's stock market among foreign and local investors.
CBA Asset Management expects its revenue to rise 42% to 47 million levs this year, CBA supermarkets general manager for the northern towns of Veliko Tarnovo, Gabrovo and Ruse, Ivailo Marinov, told SeeNews. The company has said it expects its revenue to reach 150 million levs by the end of 2009.
CBA is a league of co-branded independently owned stores. In Bulgaria the chain includes some 170 stores and their number is seen rising to 400 by the end of 2009.
(1 euro = 1.95583 Bulgarian levs)
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