Shareholders In Sparky Rousse To Vote BSE Listing

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Shareholders In Sparky Rousse To Vote BSE Listing

Shareholders in Sparky Rousse AD will vote the approval of a secondary public offering of company stock and its floating on the Bulgarian Stock Exchange, the State Gazette reports.

The proposal will be voted on July 27.

Shareholders approved capital increase from 1 mln leva (511,292 euros) to 3 mln leva (1.534 mln euros) just a week ago.

The company's core activity is the production of mowing-machines, forage harvesters, motor trucks, steam rollers and other machinery.

Sparky Bulgaria AD, owned by Stanislav Petkov and Petar Barbukov, controls 97.5% of the company's capital.

The company has a factory in Rousse, founded after the German Sparky Group purchased the Georgi Dimitrov motor trucks and steam digger plant in 1997.

Currently the company employs 500 people, which makes it one of the biggest employers in the municipality.

Between 1997 and 2006, Sparky Rousse has invested a total of 10 mln euros in technology, equipment and staff training.

For the period 2007 – 2010 the company intends to invest another 23 mln euros in the building of a new plant equipped with lates technology, in the installation of modern equipment, and in other improvements.

Sparky Rousse has established itself on the markets of agricultural machinery in Russia and Eastern Europe, and is currently in the process of obtaining ISO 9001 certificates.

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