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Friday, May 05, 2006 

Bulgarian property developer looks for LSE float

Bulgarian-based Sigma Capital Investments , a Black Sea property developer, was quoted as saying Wednesday by news agency Reuters it was seeking to issue global depository receipts (GDRs) on the London Stock Exchange.
The move would represent the first listing on the main market of the London Stock Exchange by a company with 'essentially all its business assets in Bulgaria,' Sigma was quoted as saying by Reuters.
Co-founder George Veltchev said Sigma eventually aimed to float more than 50%, including new and existing capital, although not necessary in the first tranche.
Sigma said it aimed to complete the float by the middle of the year. Citigroup and ING are acting as financial advisers on the deal.
Veltchev said the company was owned by one industry investor and 12 private investors. He said the company would provide more information closer to the issue.
The company said it had assets valued by real estate firm Colliers International of 192.2 mln euro and about 35 % of branded hotels in Bulgaria.
Sigma Capital Investments owns 4 hotels on the Bulgarian Black Sea coast with a combined room capacity of 1,993.
The Grand Hermitage in sea resort Zlatni Pyasatsi is run by hotel operator Kempinski and is the chain's biggest hotel in the Balkans.
Sigma Capital Investments also owns Ifa Beach Hotel in Nesebar, Iberostar in Slanchev Bryag and Iberostar Luna Bay near Obzor.
The company is building 2 new hotels which will add 875 rooms to the group capacity by end-2006.

Source: Reuters
Related websites: http://www.sigma-equity.com/index.php
Sigma's Architects: http://www.proarh-bg.com/

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