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Oct 18, 2007 12:18 EEST
SOFIA (Bulgaria), October 18 (SeeNews) – Shares in construction firms Holding Roads and Moststroy, controlled by local gambling tycoon Vassil Bozhkov, rose in the early hours of trading on news that Holding Roads expects a significant 2007 profit, brokers said.
Holding Roads stocks traded 12.43% higher at an average weighted price of 42,227 levs ($30,694/21,548 euro) on the stock exchange in Sofia at 0853 GMT, while shares in Moststroy were up 12.59% to 3,183 levs.
Holding Roads on Wednesday said it expected its profit to reach up to 35 million levs this year, adding that it plans to use it for a capital hike. Moststroy expects a humbler 2007 profit, of some 2.0 million levs, with revenues reaching up to 50 million levs.
“Gains in the shares of Holding Roads are due to the news that the company expects a profit of up to 35 million levs for this year,” Severin Vartigov, a portfolio manager at Benchmark Finance, told SeeNews. "[Moststroy rose because ] Vassil Bozhkov is in both companies’ supervisory boards so there is correlation between the two companies," he added.
Vartigov added the news that Holding Roads plans a 25-for-1 share split and a bonus issue, and that Moststroy would make a 10-for-1 stock split to boost the liquidity of the shares, also helped the stocks rise.
The shares of Holding Roads are the most expensive on the Bulgarian Stock Exchange and trade in traditionally low volumes.
(1 euro = 1.95583 Bulgarian levs)
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