The shares of the leading steel panel radiators manufacturer Korado Bulgaria will move to the Premium segment of the Bulgarian Stock Exchange (BSE) as of November 16, announced Sofia bourse on Tuesday. Korado Bulgaria shares currently trade on the Standard segment of the BSE’s regulated market. The Premium segment includes the best liquid companies selected on the basis of a criteria combination.
By the introduction of the Premium Market Segment in 2012 the Exchange has set a goal to focus the interest of the investment community on the best Bulgarian public companies, making them more easily identifiable. The higher admission criteria, including requirement for disclosure of regulated information in English, are prerequisites for making the companies on this segment attractive investment alternatives for wide range of investors.
The requirements include 25% minimum share of minority shareholders or minimum value of BGN 5 mln. of the free-float. The average monthly turnover with the company shares in the last 6 months should be at least BGN 300 000 and the minimum number of deals – 150.
Currently, minimum liquidity of Korado Bulgaria shares is ensured by market-maker ELANA Trading.
9M earnings – good news for Korado Bulgaria investors
Q3 reports of Korado Bulgaria, part of Czech Korado Group, demonstrated pre-tax profit raise by 43% year-on-year to 4.2 million levs ($2.5 million/2.1 million euro) – this as reported by seenews.com. Sales revenues grew to 32.4 million levs in the nine months through September from 23.5 million levs in the prior-year period, seenews.com quoted a companystatement. Korado Bulgaria sold 429 000 radiators in the January-September period, up from 340 000 in the same period of the previous year.
The media reminded that the company plans to expand its production in Bulgaria. Recently Korado Bulgaria purchased a three hectares of land near its current production plant in Strazhitsa, in the northern part of the country.
Korado Bulgaria was registered in 1998, when the company acquired 98.2% of the originally German-Bulgarian steel radiators production plant in Strazhitsa. The plant exports its output to the markets of Romania, Ukraine, France, Hungary and Bosnia.