The secondary offering prospectus of BG Agro has been approved by the Financial Supervision Commission but has not been made public and neither has a listing announcement, enabling the company to temporarily freeze the project.

BG Agro, the Varna-based company active in the production and trade of grain and agricultural commodities, said in a filing that the stock market downturn has forced a delay in its plans to list on the Sofia exchange.

The souring of the stock market has already affected the offering of local meat processing company Mekom, which had to extend the subscription period by 44 days. This deterred investors from the Herti listing that was only one per cent subscribed.

The secondary offering prospectus of BG Agro has been approved by the Financial Supervision Commission but has not been made public and neither has a listing announcement, enabling the company to temporarily freeze the project.

According to the prospectus, the listing should happen by December 31, 2008.

BG Ago was preparing to float up to 25 per cent of its capital or just over 10 million shares.

News.Dnevnik