At its meeting today the Financial Supervision Commission approved the IPO prospectus of Veliko Tarnovo-based Darvoobrabotvane BT.

The issue's value stands at 1,104,856 leva, allocated in as many shares with a face value of 1 lev. The company issues the shares in order to increase capital.

The FSC has also listed Daervoobrabotavne in the register of public companies in Bulgaria.

Main shareholders are Atanas Vasilev, controlling 24.89% of the capital (Vasilev is related to another main shareholder – Pierit – 24.14%) and Ketmash (49.03%).

The company is managed by a Board of directors, which includes Alexei Kanchev – chair, Atanas Vasilev – executive director, Todorka Stefanova – vice-chair, Nedyalko Nedyalkov – member and Sergey Borison – member.

2007 revenues are estimated at 13 mln leva (6.646 mln euros), and are projected to reach 18.47 mln (9.443 mln euros) in 2009 and 21.85 mln (11.171 mln euros) in 2010.

Net financial result for 2008 is expected at 1.565 mln leva (approx. 800 thousand euros), and at 2.451 mln (1.253 mln euros) and 3.161 mln (1.616 mln euros) in 2009 and 2010.

Darvoobrabotvane BT was founded in 1960 as am woodworking plant. It manufactures materials for the furniture industry and has recently stared making ready products.