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Bulgaria Debutant Company Galata Shatters Profit Records
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Bulgarian investment company Galata smashed profitablity records on its first day of trading at the Bulgarian Stock Exchange (shown above). Photo by BGNES
A Bulgarian investment company, Galata-Varna AD, has broken all financial records on the Bulgarian Stock Exchnage (BSE) on Wednesday.
Galata broke the record for profitability on its first day of trading at BSE, with two transactions and 2 890 traded securities. The trades resulted in a turnover of BGN 26 M, accounting for the majority of BSE trading on the day, when a total turnover of BGN 31.9 M.
The company announced its share price at an nominal BGN 532. During the course of trading, the share value jumped by almost 20 times, to BGN 9 000.
With this performance, Galata easily beat the previous record for company profitability. This had been held by Trace Hold Group (TRACE) since 2007. No company stock had reached a value of thousands since the split issue made by the Bulgarian “Roads” Fund.
Galata Investment Company is part of the Chimimport AD Public Holding Company, formed in 1947 for the import of chemicals, and which has since developed into an industrial conglomerate.
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