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Dec 12, 2007 19:12 EEST
December 12 (SeeNews) - Bulgarian diversified holding company Severcoop Gamza said on Wednesday it will sell its 93.13% stake in local shoe producer Record, seeking at least 2.29 million levs ($1.7 million/1.2 million euro) from the sale.
The company will offer one lot of 56,000 shares, equal to 51.88% of Record equity capital, at a minimum price of 25 levs per share, Severcoop Gamza said in a statement to the Bulgarian Stock Exchange (BSE). Another 44,530 shares, equal to 41.25% of the capital, will be offered to investors at a minimum price of 20 levs each at an auction to be held on December 20 and 21.
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Severcoop Gamza Holding, part of the broader BG 40 index of the BSE, is a former privatisation fund set up under Bulgaria's voucher privatisation programme in the 1990s. Its portfolio includes stakes in companies operating in various secotrs of economy, includng machine building, furniture, wine and brandy production and fish farming.
The group's consolidated net profit for the nine months through September surged more than 10 times on the year to 2.9 million levs, as total revenue rose 60%.
Shares in Severcoop Gamza Holding lost 0.97% to 4.06 levs on Wednesday in volume of some 110 shares.
(1 euro=1.95583 Bulgarian levs)
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