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Dec 04, 2007 12:00 EEST
SOFIA (Bulgaria), December 4 (SeeNews) – Bulgarian electronic retailer of pre-paid telecoms services Mart Bulgaria plans to float up to 10% of its capital on the Bulgarian Stock Exchange to back its growth, a Sofia-based daily reported on Tuesday.
The company plans to file the prospectus for the offering with the Financial Supervision Commission by the beginning of next week, business daily Dnevnik quoted company board chairman Momchil Avramov as saying.
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Mart Bulgaria officials were not immediately available to comment when contacted by SeeNews on Tuesday.
The decision to list on the Sofia bourse is aimed at pricing company shares ahead of a planned capital increase, Dnevnik quoted Avramov as saying. Another factor was that most such companies are public.
The company will initially sell 10% of its existing share capital, and will further raise the free-float next year through a capital increase, Dnevnik reported.
Mart Bulgaria (www.mart.bg) has a share capital of 1.0 million levs ($749,906/511,460 euro) divided into the same number of shares, according to business register Apis.
An increasing number of Bulgarian companies have recently announced plans to go public, aiming to capitalise on the growing popularity of the EU newcomer's stock market among foreign and local investors.
(1 euro = 1.95583 Bulgarian levs)
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