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Nov 12, 2007 15:02 EEST
November 12 (SeeNews) - Bulgarian engineering and construction company Enemona plans to launch on November 26 an up to 33.6 million levs ($25.2 million/17.2 million euro) initial public offering (IPO) aimed at financing bulky investments, an official of the IPO’s lead manager said on Monday.
“We expect the date for filing offers to be November 26 […] and the new shares to be registered on the Bulgarian Stock Exchange on January 8,” Miroslav Stoyanov, investment banking director at investment intermediary Elana Trading told a news conference.
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The group has said it plans to spend 200 million euro ($291.4 million) mostly on energy saving and renewable energy projects by the end of 2011.
Enemona expects its net profit to surge to 38.2 million levs in 2012 from 9.3 million levs expected for 2007, the company said in a statement.
The company plans to float up to 2.0 million new shares, which will represent 16.76% of its capital after the increase, at a minimum issue price of 11 levs and a maximum issue price of 16.8 levs per share.
Stoyanov said Elana Trading expected the actual issue price to be in the high end of the preliminary range. He added that company shareholders would not sell any additional shares within six months after the IPO.
Interest in the IPO is expected to be very high as a large amount of cash is targeting the not too many companies on the Bulgarian Stock Exchange. Foreign buyers have flocked to the Bulgarian bourse since the country joined the European Union in January.
Enemona plans to use the proceeds from the issue to back investment plans including renewable energy projects, buying equipment and exploration of a lignite mine in the northern city of Lom, Enemona corporate policy director, Prokopi Prokopiev, told the news conference.
The company plans to draft a project for building a thermal power plant at the site of the mine and attract strategic investors, Prokopiev told SeeNews. He said the plant, which will have capacity of 400 to 600 MW, will cost some 1.0 -1.5 billion levs […] and its construction is seen starting in 2008 or 2009.
The company will spend up to 5.0 million levs of the IPO proceeds to refinance debt, Prokopiev said.
Enemona plans to further increase its capital in 2009 or 2010 by issuing about 2.0 million new shares, he added.
Enemona ( www.enemona.com ) was set up in 1990 in the northern Bulgarian town of Kozloduy, home of the country's sole nuclear power plant.
(1 euro = 1.95583 Bulgarian levs)
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