Hidroizomat To Be Floated Monday

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Shares of Hidroizomat JSC will be floated for trade on BSE Sofia on November 12, 2007, the stock exchange announced.

The code assigned to the issue is HYDRO.

Only a week after the floating, 300,000 shares (23%) of the capital will offered at a closed mixed auction. Shares will debut at 8 leva, but the minimum bid at the auction will be at 8.50 leva, the company said.

Following a decision of the general meeting of shareholders dated 27 April 2007, the company's capital was increased from 59,051 leva (30,192 euros) to 1,299,122 leva (664,230 euros) via transfer of 1.24 mln leva from Reserves.

The company was founded in 1962 as Hidroizolacionni Materiali (Water Proofing Materials). At the moment the core activity includes production of water proofing materials, thermal insulation systems and other products for the sectors of construction, as well as repairs and transport services; purchase, construction and furnishing of properties with the aim of selling, know-how, production and trade with intellectual products, and other trade activities in the country and abroad.

Company materials were used in the construction of buildings and facilities of the following: NPP Kozloduy, Sofia Airport, Hemus Highway, Sofia Underground, TPP Maritza Iztok, Bulgartabak, Bankanpharm, Ministry Of Defense, Blagoevgrad Customs Office, Medika Sandanski, Vratiza in Vratza etc.

The company expects profit to grow from 442 thousand leva (225,991 euros) to 745 thousand leva (380,912 euros), while revenues are expected to rise from 2.4 mln leva (1.227 mln euros) to 4.95 mln leva (2.530 mln euros).

Main shareholders are Industrial Holding Doverie with 56.4%, Borisalv Nedyalkov with 20.20%, and Jeko Jekov with 9.62%.

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