Etropal AD Increases Capital From 4 To 5 Mln leva, Goes Public

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Etropal AD Increases Capital From 4 To 5 Mln leva, Goes Public

At a general meeting held 18 September shareholders in Etropal AD authorized the Board of Directors to undertake all necessary actions to make Etropal a public company in compliance with art. 10 of POSA, and to list all emissions of its capital on the Bulgarian Stock Exchange.

Etropal plans to file a prospectus with the Financial Supervision Commission before the end of September and to list its stock on the BSE before the end of the year.

Currently Eurohold Bulgaria () controls 97.31% of the capital. Eurohold intends to reduce its stake in Etropal after the company gets listed on the stock market, but it will maintain a majority stake in the mid-term perspective.

Shareholders also decided that 1 mln leva of 2006 undistributed profit (1 048 651.68 leva in total) will be used to finance the capital increase.

The company will increase capital from 4 mln leva (2.045 mln euros) to 5 mln leva (2.556 mln euros) by issuing 1 mln paperless, registered, voting shares with a face and issue value of 1 lev.

The newly issued 1 mln shares will be allocated among shareholders in a 4:1 proportion to their interest in the capital prior to its increase.

The remaining 48 651.68 leva will be added to the Reserves.

Etropal expects 2007 consolidated revenue to top 20 mln leva (10.225 mln euros), versus 10.7 mln leva (5.470 mln euros) in 2006.

Etropal already increased capital once in September, from 1.1 mln (562,421 euros) to 4 mln leva (2.045 mln euros) . In June the company issued bonds worth 2 mln euros, and thus entirely secured funds for its investment strategy.

Etropal aims at establishing itself as the leading manufacturer of products for haemodialysis in Central and Eastern Europe, and as one of the leading operators of dialysis centers in the region.

The Etropal group includes 7 subsidiaries: Etropal Trade, Dialysis Center Etropal, Dialysis Etropal Alfa, Dialysis Etropal Beta, Dialysis Etropal Delta, Dialysis Etropal Gama, Dialysis Etropal Sigma.

During the past quarter Etropal, in partnership with Italian companies, founded two new companies - IB Medika (In Bulgaria) and Fibra (in Italy).

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