News

CBA Asset Mgmt to open supermarket in Sofia

Local company CBA Asset Management launched last Friday a new supermarket in Veliko Tarnovo, Northern Bulgaria.

The launch brings to 11 the units in the company's outlet network.

Five of the supermarkets are located in Veliko Tarnovo, four in Ruse and two in Gabrovo. Another store opening is planned for Retail Park Veliko Tarnovo.

The company said it has also leased its first supermarket building in Sofia. It has retail floor area of 1,400 sq m and is sited in the Svoboda neighborhood.

CBA Asset Management plans to roll out convenience stores in most of the bigger neighborhoods in the cities throughout Central Northern Bulgaria, said executive director Ivailo Marinov.

The company is also eyeing the bigger regional cities and opportunities abroad.

The investment program of the company will be financed with the upcoming initial public offering.

The offering, which will employ a book-building procedure, will comprise 3.9 mln new shares with a nominal value of 1 lev and a minimum issue price of 2 levs.

CBA Asset Management currently has a capital of 16.3 mln levs which will increase to 20.2 mln if the IPO - scheduled for November 14, 15 and 16, is successful.

The proceeds from the IPO, net of manager fees, are estimated at 5.506 mln levs.(Dnevnik)