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Dec 14, 2007 19:14 EEST
(adds quotes from company officials) </p>SOFIA
December 14 (SeeNews) - Bulgarian kitchen equipment manufacturer Torgoterm on Friday received green light from the country’s financial watchdog to list on the Bulgarian Stock Exchange (BSE).
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Torgoterm’s share capital of 3.0 million levs ($2.2 million/1.5 million euro), divided into the same number of shares, has been entered into the public register, Bulgaria’s Financial Supervision Commission said in a statement.
"In the prospectus, we have pledged [to offer] up to 30% of those [shares] owned by the majority shareholder, about one million [shares],” Torgoterm board member Matei Matev told SeeNews.
The company is majority-owned by Bulgarian Metalkomplekengineering.
According to preliminary estimates, the issue price will be about 6.0 levs, a company official, who declined to be named, told SeeNews.
Torgoterm plans to spend 1.5 million euro ($2.2 million) on new equipment, which will triple its capacity, Matev said but did not elaborate. The company hopes to put the machinery into operation next year, he added.
Torgoterm expects sales of nearly 15 million levs this year, up from a little less than 12 million levs for 2006, Matev said.
A rising number of local firms find listing on the stock exchange in Sofia attractive. The bourse has become very popular among domestic and foreign investors in the past year, following the country’s accession to the European Union in January.
Based in Kyustendil, southwestern Bulgaria, Torgoterm ( www.torgoterm-bg.com ) manufactures kitchen equipment for restaurants, hotels and homes.
(1 euro = 1.95583 Bulgarian levs)
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