Sparky Eltos Raises 43.765 Mln Leva in Capital Increase

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Sparky Eltos () has successfully completed capital increase procedures. The total amount of funds raised by the company came to 43,765,120 leva (22,376,750 euros). Shares were placed at 16 leva, the company told BSE in a corporate notice.

In relation to the successfully completed public offering, the Management Board is informing all present and future investors that the company expects 2008 sales to amount to 89.1 mln leva (45.556 mln euros), and reach 113.2 mln leva (57.878 mln euros) by 2009.

According to prognosis 2008 pre-tax profit will amount to 14.2 mln leva (7.260 mln euros), and 2009 pre-tax figures are expected to come to 20.1 mln leva (10.276 mln euros).

At its meeting today, the management of the Lovech-based company decided to adopt the national corporate management code.

The company increased capital in order to fund modernization of production, to boost production capacity, acquire new equipment, modernize the furnace for magnesium, aluminum and other alleys, as well as to ensure environmental sustainability, improve production automation, and reduce leverage.

The stock added 0.39% to an average of 15.56 leva at a turnover of 4,216 shares today.

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