Mekom Jsc Plans To Invest Some 22 Mln Leva By 2009


One of the first IPOs on BSE in 2008 will be that of Mekom Jsc. According to latest data, the initial public offering of up to 10,682,800 shares of the company at a minimum price of 2.2 leva (no maximum price) will take place in the second half of January. The underwriter UBB and the co-underwriter CB Allianz Bulgaria are yet to announce the exact date.

The capital increase will be rendered successful if at least 10 mln shares are subscribed and paid. In case all shares are placed (10,682,800 new shares) the company will raise a minimum of 23.462 mln leva (11.995 mln euros). As a result, Mekom's free-float will reach 20% of the current registered capital (53.414 mln leva, 27.310 mln euros).

According to the IPO prospectus, the bourse debut aims at raising finances from external sources in order to fund the company's development strategy, as well as diversification of the shareholders' structure via attraction of foreign and local investors.

Between 2001 and 2006 the company invested nearly 34 mln leva in land, buildings, machines and equipment. This year Mekom has invested less than 100,000 leva in maintenance and repairs, the more imortant projects will be executed after the company raises capital on the stock exchange.

Mekom's investment progran for the next two years requires some 22 mln leva (11.248 mln euros). More details are given in the follwoing chart:

InvestmentCost in BGNDeadline
Enhancing meat processing capacities4 mln2008
Marketing and distribution – Bulgaria2 mln2008-2009
Expansion to Romanian market5 mln2008-2009
Acquisition of enetrprises in western Balkans7 mln2008
Investments in organizational improvements10 mln2008 – 2009

Source: Mekom Jsc

Mekom's group controls 12 subsidiaries. These are Agrospecter Invest Jsc (99%), Dobrudja Meat Company (98%), Interfoods (98%), Kremonini (97.32%), Mekom (99%), Silistra Hybrid (80%), Rusgal (80%), Ronex (99.33%), OMV OOD (99%), Druster BV (99%), SVI (88%), and Select (96%).

More details on Mekom for the period 30 June 2005 and 30 June 2007 are given in the chart below:

Indicators (in thousand BGN)30 June'0530 June '0630 June'07
Net sales revenue16.217.3429.93
Total revenue16.4922.6830.83
Operating Costs10.2613.5717.16
Operating profit1.021.71.8
Long-term assets34.8435.6934.91
Current Assets15.0224.5524.89
Total assets49.8660.2459.8
Long-term liabilities27.6928.8735.89
Current liabilities15.3522.1411.88
Total capital and receivables49.8660.2459.8

Source: Mekom Jsc

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