CBA Asset Management's Prospectus Gets FSC's Approval

At its meeting today the Financial Supervision Commission approved the IPO prospectus of Veliko Tarnovo-based CBA Asset Management. The issue's value stands at 3.9 mln leva, allocated in the same number of shares with face value of 1 lev and issue value of 2 leva.

The IPO will be successful if at least 70% of shares are subscribed and paid. If there is an oversubscription of two times or more the offered amount, the majority shareholder will offer up to 780,000 of the already existing shares. Underwriters of the issue are UniCredit BulBank and Somoni Financial Brokerage.

CBA Asset Management has nine shops with a total built-up area of more than 1,000 sqm, which are among the leading ones in the towns of Veliko Tarnovo, Gabrovo, and Ruse.

The company will use the IPO proceeds to launch new commercial projects and acquire shops. In the long term perspective, the company aims at participating in the consolidation of the retail market side by side with the large international chains entering the local market.

The company expects its chains to cover 60% of the retail market in the next 3-4 years.

CBA Asset Management was founded on July 20, 2006 with the aim of consolidating the business of CBA Gabrovo, CBA Veliko Tarnovo and CBA Ruse. The company operates 9 supermarkets with a total area of 10,140 sqm, and is the leader on the market in North and Central Bulgaria.

Turnover reached 20.1 mln leva in this year's H1, and profit came to 467,000 leva. Main shareholders are Krasimir Gardev and Radolsav Vladev with 44.55% each and Ivaylo Marinov with 9.90%.

The company controls 100% of CBA Ruse, CBA Veliko Tarnovo, and CBA Gabrovo.

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