Bulgarian Stock Exchange Board confirmed registration of ELANA Trading as market maker of Korado Bulgaria. 12 October 2017 is the official start of the market makers activity. The terms are maintaining maximum range of the deviation in terms of a percentage between the prices of the bid and ask quotes (spread): 5%. Minimum value of the quote in terms of money at the time of entering is BGN 2,500.
The market making contract will enable Korado Bulgaria to continue interacting closely and using actively other possibilities on the capital markets in the near future.
The decision of this company, known as one of leading proactive, transparent and highly accountable public enterprise in Bulgaria, is a result of its dynamic economic development and strong market performance at the Bulgarian Stock Exchange this year, as well as its intentions for continued market expansion and a stable position on the capital market.
Korado Bulgaria will be among the few public companies in Bulgaria using a market maker to provide its shares competitive liquidity on the secondary market to the benefit of small shareholders, in order to reduce liquidity risk and capital cost.
ELANA Trading – market maker for a third company
ELANA Trading is already the market maker of Sirma Group Holding and Expat Bulgaria SOFIX UCITS ETF.
Korado Bulgaria performance on stock market
Shares of Korado soared 64% for the past 12 months and its market capitalization exceeds BGN 100 million, thus making the radiator producer one of the most dynamic stocks on the Bulgarian stock exchange.
Korado Bulgaria was registered in 1998, when the company acquired 98.2% of the originally German-Bulgarian steel radiators production plant in Strazhitsa, in northern Bulgaria. The plant exports its output to the markets of Romania, Ukraine, France, Hungary and Bosnia.