Bulgarian Regulator Oks Severcoop Gamza Holding Bond Listing Prospectus
Bulgaria's financial regulator said that it has approved the prospectus of local diversified group Severcoop Gamza Holding for listing a 20 million levs ($12.0 million/10.2 million euro) eight-year non-convertible bond issue on the Bulgarian Stock Exchange. The bonds, issued in September, carry an annual coupon of 5.0% with payments due semi-annually, the Financial Supervision Commission said in a statement on Tuesday. The issue consists of 20,000 bonds with a nominal value of 1,000 levs each. Severcoop Gamza Holding plans to use the proceeds from the issue to acquire majority and minority stakes in companies, in order to form a diversified portfolio, the company said earlier this year. In September, the company doubled its capital to 10.7 million levs via a new share issue. Severcoop Gamza Holding raised 10.7 million levs in the process, which it intends to invest in the purchase of stakes in companies active in production of wine, milk, foie gras and duck meat products, as well as water bottling and distribution. Severcoop Gamza Holding was set up in 1998 as a privatisation fund.