Darvoobrabotvane To IPO 1.3 Mln Shares

Darvoobrabotvane To IPO 1.3 Mln Shares

Darvoobrabotvane BT has appointed a general meeting of shareholders October 30, the State Gazette reports. Shareholders will vote a proposal for capital increase from 3.4 mln (1.738 mln euros) to 4.7 mln leva (2.403 mln euros) via the initial public coffering of 1.3 mln shares.

Shareholders will also authorize the management to set the financial parameters of the IPO and to file a prospectus with the Financial Supervision Commission.

“We are currently working on the prospectus and on defining the maximum and minimum price limits,” CEO Atanas Vassilev told profit.bg. First Financial Brokerage House is underwriter of the emission.

In August Atanas Vassilev had told profit.bg that the company is planning to file an IPO in December. If Darvoobrabotvane completes the procedures this year, this will be its second capital increase for 2007.

Capital was once raised in April – from 828,000 leva (423,349 euros) to the current 3.4 mln leva (1.738 mln euros) using funds from Reserves.

Darvoobrabotvane BT expects 2007 revenue to come to 13 mln leva (6.646 mln euros), and to climb to 18.47 mln (9.443 mln euros) by 2008, and 21.85 mln (11.171 mln euros) by 2009. Net financial result this year is projected at 1.565 mln leva (800,171 euros), 2.451 mln leva (1.253 mln euros) in 2008, and 3.161 mln leva (1.616 mln euros) in 2009.

Darvoobrabotvane was founded in 1960 and its core activity is woodworking. The company is one of the oldest in the sector and works primarily with furniture manufacturers.

Main shareholders are CEO Atanas Vassilev and Aleksei Kanchev (controlling 48.12% each). The remaining 4% is allocated among 900 shareholders.

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