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Nov 12, 2007 13:58 EEST
November 12 (SeeNews) - Bulgarian financial and industrial group Eurohold Bulgaria plans new acquisitions in the manufacturing sector in Bulgaria and continues to look for opportunities to expand its insurance business in southeast Europe, the company's chairman said on Monday.
Eurohold expects to raise at least 11.1 million levs ($8.3 million/5.7 million euro) in an initial public offering of a 28% stake in its medical equipment unit Etropal on the Bulgarian Stock Exchange on November 19.
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The company will spend the funds on projects in the manufacturing sector, and expects to announce new acquisitions in plastics manufacturing soon, Eurohold board chairman Kiril Boshov told reporters. Taking up a question if following the recent acquisition of Romanian insurer Asitrans Asigurari Eurohold would consider expanding in that country by buying more companies, Boshov said . “It is a question of investment opportunities. If there are any, we will take advantage, no matter if it is in Romania or other country,” he said.
Eurohold aims to become a key player on the regional insurance market where it seeks to capture a 5.0% market share.
Boshov addd that the company is on track to achieve its forecast for 15.5 million levs net profit on 300 million levs consolidated revenue.
Eurohold's line of business is financial services, car dealing, manufacturing and high technology.
Shares in the holding company traded at 7.48 levs at 1117 (GMT), down 2.8%.
(1 euro = 1.95583 Bulgarian levs)
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