Mekom's IPO Dates Set January 21 - 23

The initial public offering of up to 10,682,800 new shares of Mekom Jsc will start January 21 (Monday) and end January 23 (Wednesday), the manager of the procedure United Bulgarian Bank told The company's official presentation before the media has been scheduled January 17 (Thursday). Presenters will be Stefan Raychev (owner) and investment banking representatives from UBB. Co-manager is CB Allianz Bulgaria.

The price will be determined by book-building. At the general meeting held October 9 shareholders set the minimum issuing price per share at 2.20 leva.

The capital will be increased via issue of up to 10,682,800 new, paperless, registered shares with a face value of 1 lev, which will be floated for trade on BSE.

Mekom Jsc's capital stands at 53,414,000 leva (27,310,144 euros) allocated in 53,414,000 shares with a face value of 1 lev.

After the IPO the company's free-float will be 20%.

“Year-to-date revenue stands at around 58 mln leva (29.654 mln euros), and we expect it to reach 63-66 mln leva (33.745 mln euros) by the end of the year. We expect the holding's total 2007 revenue to top 100 mln leva ( 51.129 mln euros) and our aim is to reach 140-150 mln leva (76.693 mln euros) in 2-3 years' time,”Stefan Raychev said in an interview for earlier. He also said he expects 2007 net profit to reach 4 mln leva, and 10 mln leva by 2009.

According to the company's prospectus the aim of the Stock Exchange listing is to raise finances to secure the company's development strategy and to diversify the shareholders structure by attracting new foreign and local investors.

The company invested nearly 34 mln leva (17.383 mln euros) between 2001 and 2006 in land, buildings, machines and equipment. This year Mekom has only made investments in maintenance (less than 100,000 leva), as the main projects will be executed after the IPO.

The company has an investment program worth 22 mln leva (11.248 mln euros) for the following 2 years.

The IPO prospectus is available for download from the websites of Mekom Jsc, as well as from those of UBB and CB Allianz-Bulgaria.

Mekom Jsc has 12 subsidiaries. These are Agrospecter Invest (99%) Interfoods (98%), Kremonini (97.32%), Mekom (99%), Dobrujanska Mesna Kompania (98%), Solistra Hybrid (80%), Rusgal (80%), Renax (99.33%), OMV (99%), Druster BV (99%), SVI (88%), Select (96%).

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