Foreign Investors Acquire 52% of the Stock of First Investment Bank

Foreign Investors Acquire 52% of the Stock of First Investment Bank

As a result of the IPO held by First Investment Bank the number of shareholders in the bank currently stands at a little over 3300 persons. 52% of the bank's shares have been acquired by foreign investors and 67% by institutional investors.

Trade with the stock is expected to start on the Bulgarian Stock Exchange at or around 22 June 2007.

First Investment Bank AD informed investors that the new 10 mln shares issued in the capital increase have been filed with the commercial register which means that the bank's capital has been successfully increased to 110 mln leva.

On 18 May 2007 First Financial Brokerage House Ltd, the underwriter of the offering and FIB set the IPO price per share at 10.70 leva. All 16 500 000 shares were allocated among invetsors, of which 10 000 000 were newly issued shares in the capital increase and 6 500 000 - already existing shares owned by selling shareholder First Invetsment Brokerage House.

The subscriptions received were worth a total of 1 317 898 070 leva, which means that oversubscription was 5,97 times (based on the announced price – 10,70 leva). A total of 176 550 000 leva was paid for the allocated shares, thus the financial resources generated by the bank stood at 107 000 000 leva.

First Investment Bank posted a net profit in the amount of 10.114 mln leva in 2007 1Q compared with 5.392 mln leva a year ago. Towards 31 March the bank's assets stood at 3.06 bln leva, its shared capital was 178.2 mln leva.

Ivylo Mutafchiev and Tseko Marinov control 28.94% of the bank's capital each and Legnano Enterprise Limited holds 7.68%. First Financial Brokerage House has 6.72% and Domeniko Ventures Limited and Rafaela Consultants Limited have 6.36% each.

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