Sofia Commerce Zalozhni Kashti, a Bulgarian operator of pawn shops, has the go-ahead from the financial regulator to make an initial offering of preferred shares on the local bourse. The company will IPO 400,000 preferred shares with a nominal value of BGN 1 each and a minimum issue price of BGN 5 . Each share will entitle the holder to one vote at the general meeting of the company and to a 10-year dividend stream. The dividend for 2007 is projected at BGN 0.40 per preferred share which means the company will have to turn in a profit of at least BGN 160,000 ; the dividend for the remaining 9 years is projected at BGN 0.75 per preferred share which would require a profit performance of at least BGN 300,000 per year. The capital of the company will go from BGN 2 mln to 2.4 mln if the preferred share offering, a first for the Bulgarian stock market, is successful. Zalozhni Kashti has no immediate plans to issue common shares, said executive director Yosko Hinkov. Neither is the company considering other sources of financing. The IPO will raise cash for the opening of new pawn shops. Zalozhni Kashti operated 97 shops by the end of 2005 and plans to add at least 20 new outlets. The company loaned BGN 4.5 mln to customers in 2005, generating operating income of BGN 767,000.
Source: Dnevnik (14.07.2006)

Sofia Commerce Zalozhni Kashti, a Bulgarian operator of pawn shops, will perform an initial public offering of shares on the local bourse in late September, said company rep Nikolai Hristov. Sofia Commerce, the nation's biggest pawn shop operator, will be the first company of its type to go public in Bulgaria. The company will IPO 400,000 preferred shares with a nominal value of BGN 1 each and a minimum issue price of BGN 5. Each share will entitle the holder to one vote at the general meeting of the company and to a 10-year dividend stream. The dividend for 2007 is projected at BGN 0.40 per preferred share which means the company will have to turn in a profit of at least BGN 160,000; the dividend for the remaining 9 years is projected at BGN 0.75 per preferred share which would require a profit performance of at least BGN 300,000 per year. The capital of the company will go from 2 mln to BGN 2.4 mln if the preferred share offering, a first for the Bulgarian stock market, is successful. Zalozhni Kashti has no immediate plans to issue common shares, executive director Yosko Hinkov said recently. Neither is the company considering other sources of financing. The IPO will raise cash for the opening of new pawn shops. Zalozhni Kashti operated 97 shops by the end of 2005 and plans to add at least 20 new outlets. The company loaned BGN 4.5 mln to customers in 2005, generating operating income of BGN 767,000.
Source: Dnevnik (28.08.2006)

Sofia Commerce Zalozhni Kashti, a Bulgarian operator of pawn shops, will perform an initial public offering of shares on the local bourse Oct 3. The company will IPO 400,000 preferred voting shares with a nominal value of BGN 1 each and a minimum issue price of BGN 5. The capital of the outfit will go from BGN 2 mln to BGN 2.4 mln if the preferred share offering, a first for the Bulgarian stock market, is successful. The subscription process will end Oct 13.
Source: Dnevnik (26.09.2006)