Bisser Oliva Sets IPO Price Range at 14.5-17.5 Leva/Share

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The issue value of the 817,733 shares that will be offered in the IPO of refined sunflower oil producer Bisser Oliva will range between 14.5 leva (7.41 euros) and 17.5 leva (8.94 euros) per share. The company will have to raise at least 8.3 mln leva in order for the IPO to be considered a success.

The public offering will be organized by Capman Financial Group.

The IPO was prompted by the large-scale investment program of Bisser Oliva. The program envisages the optimization of the core operations of the company in terms of capacity, quality and compliance with EU's environmental and safety requirements.

The total value of the planned investments amounts to 13.02 mln leva (6.65 mln euros), while the investments in the drafting of the prospectus totaled 1.6 mln leva (818,000 euros).

The company will raise at least 11.86 mln leva (6.06 mln euros) and up to 14.31 mln leva (7.31 mln euros), if the entire issue gets subscribed.

Bisser Oliva booked 726,000 leva (371,200 euros) gross profit for 2004. The profit of the company rose to 4.11 mln leva in 2005 and stood at 1.8 mln leva in 2006. Bisser Oliva posted 4.94 mln leva profit for 2008.

The revenue from the core activity of the company totaled 48.37 mln leva (24.73 mln euros) in 2004. The figure stood at 112.1 mln leva, 110.37 mln leva and 59.21 mln leva in 2005, 2006 and 2007, respectively.

The value of the company's assets rose from 44.07 mln leva (22.53 mln euros) to 55.45 mln leva (28.35 mln euros) in the period 2004-2007. Bisser Oliva's issued capital amounts to 7.36 mln leva (3.76 mln euros), allocated in as many shares.

The company booked 560,000 leva (286,300 euros) profit for the first quarter of 2008, down by 82%, compared to the 3.16 mln leva profit posted for the year-ago period.

Bisser Oliva's net sales revenue totaled 6.96 mln leva in the period, down by 77% year on year. The decline may be put down mainly to the revenue from product sales, which declined from 21.65 mln leva in the first quarter of 2007 to nil a year later.

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