Bulgaria's Financial Supervision Commission (FSC) confirmed today a prospectus for the initial public offering of shares in Chimimport, issued as part of the capital increase of the company.

The issue amounts to 90 mln preferred non-voting shares with 1 leva par value each. The stock carries guaranteed dividend and liquidation rights. FSC has already entered the issue in its register.

The shareholders decided in March to make changes in the statutes of the company aimed at allowing Chimimport to raise its capital to 250 mln leva over the next five years.

The company then announced that in view of the financial crisis, the reduced investor activity and the slower economic growth, more flexible instruments, such as some types of preferred shares, would be a suitable method to raise capital.

Chimimport's capital currently amounts to 150 mln leva. The company hiked its capital from from 130 mln leva to 150 mln leva in 2007 after raising a total of 220 mln leva at a price of 11 leva per share.

Chimimport booked 127.73 mln leva consolidated profit (0.85 leva earnings per share) for 2008, down 7.2% year on year.

The shares of the company have been changing hands at a price of around 2.55 leva per share so far today.