Hidroizomat Offers 23% Of Capital At A Closed Mixed Auction In November

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Hidroizomat Offers 23% Of Capital At A Closed Mixed Auction In November

Hidroizomat AD has appointed an extraordinary general meeting of shareholders 16 November 2007, to discuss amendments and additions to its statute, in relation to the latest amendments to POSA, if that would be necessary in connection to the company's forthcoming listing as public, the State Gazette informs.

Borislav Nedyalkov, chair of the Board of Directors, said that these are the last amendments before the company's listing on the Bulgarian Stock Exchange.

“We are planning to offer 300,000 shares, or 23% of the capital, at a closed mixed auction in November,” Nedyalkov said.

The company's prospectus was filed with the Financial Supervision Commission on 21 September. The Commission is expected to issue an approval, or announce recommendations by 21 October.

Hidroizomat posted revenues from core activity in the amount of 1.039 mln leva (531,232 euros) in H1, versus 653,000 leva (333,873 euros) for the respective period a year ago. Pre-tax profit stands at 208,000 leva (106,348 euros), against 30,000 leva (15,338 euros) a year ago.

The company was founded in 1962 and offers services as water proofing, installation of thermal insulation systems, repairs, transport services and others.

In the summer Hidroizomat increased capital from 59,191 leva (30,263 euros) to 1,299,122 leva (664,230 euros) using own funds. Industrial Holding Doverie controls 56.045% of the capital, and Borislav Ndyalkov has 20.20%, according to APIS data.

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