11 May, 2007

Bulgaria: Lomsko Pivo set for Junе listing

Local brewer Lomsko Pivo said it would perform a secondary offering of share on the Bulgarian stock exchange in late June, according to Focus News Agency, May 11.

The shareholders have decided to list 20% of the current capital, which stands at 4.5 mln levs. The free float should reach 40% by the end of the year.

Further details about the offering will be announced within days, said Prokopi Prokopiev, manager corporate policy at Enemona, the Kozloduy-based engineering company that owns the brewer through its subsidiary Agro Invest Engineering.

In late March, the media reported Enemona was preparing to shed its majority stake in Lomsko Pivo to concentrate on its core business, the provision of construction and power engineering services related to energy efficiency, as the online English edition of Dnevnik Daily reports.

Lomsko Pivo, with an annual output capacity of 170,000 hectoliters, controls 1.5% of the local beer market with the Shopsko Pivo, Almus, Alma and Ambrosius brands.

An investment budget of BGN 0.8 million has been allocated for the brewer in 2007 to replace outmoded bottling and packaging lines.

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