The Financial Supervision Commission has approved the prospectus for public offering of shares issued by Zaharni Zavodi, Gorna Oriahovitsa (

).

The company intends to increase capital from 8.335 mln leva (4.261 mln euros) to 10.418 mln leva (5.326 mln euros) via issue of 2.083 mln shares with an issuing price of 15.56 leva each.

8.335 mln rights will be offered, each entitling to subscription of 0.25 shares. The company will accumulate some 32.422 mln leva (16.577 mln euros), if all shares are subscribed.

Zaharni Zavodi Jsc expects this year's pre-tax profit to come to 4.5 mln leva (2.300 mln euros), as a result of investments in modernization and cutting costs on energy and materials.

Consolidated sales revenues are estimated at 70-80 mln leva, compared with more than 100 mln leva last year. Main shareholders are Zahar Invest, controlling 43% of the capital, GU Faradey with 25.58%, and Rhythm 4CB - 25.55%.

A total of 3,657 transactions with the stock were made on BSE in 2007, the annual turnover on the prosition reached 5.961 mln leva (3.047 mln euros).