Plastchim-T To Go Public in Two Years

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Plastchim-T To Go Public in Two Years

A total of 30 mln leva will be invested in flexible packages maker Plastchim-T until 2010, it emerged at Eurohold Bulgaria's annual meeting with investors held toady. The holding company owns 49.9% of the capital of Plastchim-T.

Options to raise funding for Plastchim-T include debt financing and listing on the Bulgarian Stock Exchange (BSE), Assen Hristov, Chairman of the Supervisory Board of Eurohold Bulgaria, said.

It will be clear by the middle of 2008 as to whether Plastchim-T will go public. The actual listing of the company on BSE may happen within the next two years.

Plastchim-T is a leading manufacturer of flexible packaging in Bulgaria. The company raked in 52 mln leva sales revenue for 2007, while its net profit for the same year amounted to 2.1 mln leva. Plastchim-T is one of the three production companies within Eurohold Bulgaria's structure.

Eurohold Bulgaria plans to sell the three companies should there be any good offers, it emerged today. Investors have expressed interest only in Etropal so far, the holding company said.

Etropal is forecast to book 19.73 mln leva revenue for 2008, compared to 14.856 mln leva forecast for the previous year. The profit of the company is projected to reach 2.68 mln leva in 2008, compared to 1.71 mln leva a year earlier.

Formoplast, Eurohold Bulgaria's third production company, posted 3.2 mln leva sales for 2007. A total of 78% of the output of the company is exported.

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