99.85% of Hydraulic Elements and Systems Capital Increase Subscribed

On the final date for subscription of shares from the capital increase of Hydraulic Elements and Systems (HES) a total of 418,583, or 99,85% of them were subscribed and paid, the company told BSE.

The company had offered 419,173 paperless, common shares. HES increased capital from 2 619 830 leva (1.339 mln euros) to 3 039 003 leva (1.553 mln euros), by offering 419,173 common shares with a face value of 1 lev and issue value of 19.75 leva.

During the subscription period May 23 – June 29, a total of 8 267 014,25 leva (4.226 mln euros) have been deposited against 418 583 shares, subscribed and paid at the issue value of 19,75 leva each.

Hydraulic Elements and Systemns Yambol is expecting to double the sales of hydraulic elements till 2011, and to generate sales revenues in the amount of 104 mln leva (53.174 mln euros).

By that time net profit is expected to reach 11.118 mln leva (5.684 mln euros), or 6.2% up from 2006.

The company expects sales revenues from core activity to amount to 42.81 mln leva (21.888 mln euros) in 2007, and a net profit of 2.053 mln leva (1.049 mln euros), against 1.761 mln leva in 2006.

10 HES shares changed hands in one transaction yesterday, generating 258.60 leva on the position. Bids are currently at 25.85 leva and asks at 27.00 leva.

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