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Bulgarian meat company Mekom to IPO in Jan '08

Date: 30.12.2007

Mekom, the local maker of meat products, will perform an initial public offering in the second half of January 2008, said the United Bulgarian Bank which will lead manage the operation.

Commercial Bank Allianz Bulgaria will act as co-manager of the IPO which will employ a book-building process.

Mekom will float 10,682,800 new shares at a minimum issue price of BGN 2.20. The minimum subscription target is 10 million shares.

The capital of the company will be increased from BGN 53.4 million to BGN 64 million.

The free float after the public offering will be 20%.

Mekom is vertically integrated producer of meat products. It operates breeding farms for sheep, lambs, large cattle, ostriches and rabbits.

Mekom, which is licensed for export to the rest of the EU, has earmarked 22 mln levs for the acquisition of new production assets and for the expansion of its business in neighboring Romania.

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