Enemona Is Expanding To The Markets Of Russia, the EU and Africa

Enemona Is Expanding To The Markets Of Russia, the EU and Africa

By the end of November Enemona JSC is to file an IPO of 2 mln shares. The minimum IPO price will be 11 leva and the maximum 16.80 leva. United Bulgarian Bank and Elana Trading will be underwriters of the issue.

The company's core activity includes engineering, project design and management, construction, installations, insulation, and test drills in the fields of energetics, production, ecology and residential construction.

Between 2004 and 2006 the company acquired fixed assets worth 10.067 mln leva (5.147 mln euros), while in 2007 H1 it acquired assets worth 2.367 mln leva (1.210 mln euros).
At the end of H1, Enemona had investments in 11 subsidiaries and 5 other companies.

The future strategy includes expansion to foreign markets. The company is in the midst of negotiations with business in England, Germany and Belgium. Enemona has plans for expansion to the markets of Russia and some African countries.

According to the energy program of the Russian Federation some 100 bln dollars will be invested in the sector of energetics by 2020. Enemona is actively participating in the preparation and implementation of these major projects. Currently the company has signed two engineering contracts. At this stage, the only African project in the company's portfolio is the modernization of the gas electric power plant in the Republic of Togo.

This year Enemona posted Jan – Sept consolidated profit in the amount of 10.4 mln leva (5.317 mln euros) and revenues at 60.776 mln leva (31.074 mln euros). At the end of 2006 the company employs 1,436 people, versus 1,162 people in 2005, and 992 in 2004.

On the issue date of the prospectus, CEO Dichko Prokopiev controlled 94.08% of the comapny's capital (72% directly and 21.84% via Global Capital).

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