Greek Sanitary Products Co Septona Gets Regulatory Nod to List Bulgarian Unit in Sofia

The nominal capital of Septona Bulgaria amounts to 1,233,650 levs ($801,000/631,000 euro), divided into the same number of shares, the Financial Supervision Commission (FSC) said in a statement.

Greece’s Septona holds an 87.97% stake in its Bulgarian subsidiary, which is based in the Danube port city of Ruse. FSC did not give further details about Septona Bulgaria’s ownership structure.

The slump of the Bulgarian stock market, which has lost as much as 80% in the past year, led to several unsuccessful floatations in the first half of 2008. Most of the companies intent on going public have since shelved their plans or opted to list on the Sofia bourse without trying to raise fresh funds.

(1 euro = 1.95583 Bulgarian levs)