Torgotem Offers Up To 30% Of Capital By Mid-2008

Torgotem Offers Up To 30% Of Capital By Mid-2008

Five companies floated equity on BSE today. These are Torgotem, PRC REIT, Intercapital Properties REIT, plus Elana Agricultural Land Opportunity REIT and Florina, which floated bonds. Representatives of three companies rang the bourse bell at a ceremony this morning.

“We intend to offer up to 30% of our capital on the stock exchange,”said Boyko Nedyalkov, Torgotem CEO. He told this would happen by mid-2008. The company's share capital currently stands at 195,000 leva, according to APIS.

“We went public in order to raise more finances to fund our development. If we want to be among the most competitive companies in the sector we need to increase our production five times,” Mr. Nedyalkov said. The company's 2007 sales revenues came to 14 mln leva (7.158 mln euros), he pointed out. The management expects 2008 profit to reach 1.1 mln leva.

Asked whether Torgotem is planning a capital increase in the near future Mr. Nedyalkov said the company is currently working on its development strategy and will reinvest the SPO proceeds.

Neli Dimova (PRC REIT) said the fund is planning to acquire assets (land and buildings) of some 30,000 m2. The company is interested in large cities and in possibilities for construction of business centers and office buildings there.

4,158 shares of Torgotem have changed hands so far on BSE, the price stays flat at 6.27 leva.

Pfoto: left: Miroslav Stoyanov (Elana Trading investment banking director) and Boyko Nedyalkov (CEP Torgotem).

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