Greek-owned Biocheck To Invest 5.0 Mln Euro in Three Medical Centres in Bulgaria by End-2011

The company plans to invest own funds to open centres in the cities of Plovdiv, Varna and Burgas, Stefanos Michmidis told reporters at a presentation of the company at the Bulgarian Stock Exchange (BSE), where its shares were admitted for trading on Tuesday.

Each of the centres will increase the company’s sales by at least 20-30%, he added.

Biocheck, which currently operates a medical centre in Sofia, expects its sales to exceed 1.0 million levs ($652,000/511,000 euro) this year, compared to 822,000 levs in 2007, Michmidis said.

He added that the company plans to tap the Bulgarian capital market at a later stage to further expand throughout the country.

Biocheck has a capital of 930,900 levs divided in the same number of shares.

Earlier this year, the company said it plans to float 10% of its existing share capital on the Sofia bourse. No company shares had traded by 0900 GMT on Tuesday.

Ergo Hospital owns an 85% stake in Biocheck and indirectly controls the remainder through Bulgarian-registered Medigroup.

(1 euro = 1.95583 Bulgarian levs)