Shareholders In Darvoobrabotvane Approve A 25% Capital Increase

Shareholders In Darvoobrabotvane Approve A 25% Capital Increase

The general meeting of Darvoobrabotvane approved a proposal to increase capital from 3.314 mln leva (1.695 mln euros) to 4.418 mln leva (2.258 mln euros), or by 25% (1.104 mln leva), CEO Atanas Vassilev told

“We are hoping to able to file our prospectus with the Financial Supervision Commission by November 10,” Vassilev also said.

The company plans to IPO 1.104 mln new shares, but in case of a lot of demand, it may offer some of the already existing shares, which means the free-float can reach up to 48%.

Darvoobrabotvane BT was established in 1980 as a wood processing plant. The company produces materials for the furniture manufacturers and started manufacturing end products in the past several years.

Darvoobrabotvane BT expects revenues to the amount of 13 mln leva (6.646 mln euros) in 2007, and 18.47 mln leva (9.443 mln euros) and 21.85 mln leva (11.171 mln euros) in 2008 and 2009, respectively. Net financial result this year is projected at 1.565 mln leva (800,171 euros), 2.451 mln leva (1.253 mln euros) and 3.161 mln leva (1.616 mln euros) for 2008 and 2009, respectively.

Main shareholders with 48.12% of the capital are the CEO Atanas Vasilev and Alexey Kanchev. The remaining 4% are allocated among 900 shareholders.

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