Sixteen Companies Increased Capital This Year, Raising 61 Million Leva

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Sixteen Companies Increased Capital This Year, Raising 61 Million Leva

Herti shares and a bond issue of Sport Depot were floated on BSE today.

A total of 12 bond issues have been floated on the stock exchange so far this year, raising 185 mln leva (94.5 mln euros).

Eleven funds and eight real estate investment trusts have been registered in the country year to date. 19 news issuers were listed on the stock exchange -14 by secondary public offerings and five via IPOs.

Sixteen companies increased capital this year, 11 of them issued rights and five used own funds. The combined amount they raised is 61 million leva (31.18 mln euros).

Investors bought just 13,797 shares in Herti in the IPO held earlier this year.

The company was planning to offer 3 mln new shares and 1.4 mln existing shares in order to increase capital to 15 mln leva (7.66 mln euros).

Herti Jsc's investment program for the period 2007 – 2010 is worth 25.895 mln leva (13.23 mln euros). The company plans to invest 11.764 mln leva this year (6 mln euros).

Herti is a manufacturer if aluminum bottle caps. It recently established subsidiaries in France and England.

„The investment program will be fulfilled. We are currently using bank loans as funding,“ Alexander Yulianov, chairman of the Board of Directors said.

The value of Sport Depot's bond issue stands at 3 mln leva (1.53 mln euros). The company reported turnover of 15 mln leva (7.66 mln euros) in 2007, and expects the figures to reach 20 mln leva (10.22 mln euros) year.

Sport Depot expects profit to rise significantly, from 2.33 mln leva in 2007 to 3.5 mln leva (1.7 mln euros) this year.

According to CEO Krasimir Tsolov, the entire market of sports goods in Bulgaria is valued at 100 mln leva.

Sport Depot currently has seven stores and plans to open five more by end of year.

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