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13-07-2018 - Information by BSE-Sofia (Press release by BSE-Sofia)

The Ministry of Economy and the Bulgarian Stock Exchange officially launched the voucher scheme to support small and medium enterprises to list on the regulated market. MP Delyan Dobrev, Deputy Minister of Economy Alexander Manolev and Deputy Chairman of BSE Board of Directors Vasil Golemanski presented the program and launched it at an opening bell ceremony today, 13 July 2018.
The total indicative budget of the voucher scheme for financing public offering of securities related services amounts to BGN 3 911 660 (EUR 2 000 000). Todays event marks the launch of a BGN 1.6 million project. After the first companies issue their securities and get their vouchers paid out, a second stage utilising the entire amount provided shall be launched. The funds are provided under the "Innovation and Competitiveness" Operational Program.
The scheme shall provide vouchers amounting to BGN 50 thousand, and the Beneficiary will be the Executive Agency for Promotion of Small and Medium Enterprises. The agency shall administer the process and collect the voucher applications. The voucher shall be valid for 9 months. This shall be the timeframe for the companies to get a prospectus for public offering of securities approved by the Financial Supervision Commission and successfully raise capital through initial public offering on the stock exchange or using the bookbuilding method. The voucher will be paid out to the investment intermediary if the issue is successful, i.e. the capital raised amounts to at least BGN 500,000. The general terms and conditions of the procedure are published on the agency's website and the acceptance of the project applications will start in September.
The new scheme will cover the cost of services related to issuers and IPOs preparation. The objective of the measure is to provide another alternative for stimulating the competitiveness of Bulgarian enterprises by using European funds. Through this procedure, companies will be able to raise additional private capital based on their actual development potential, as estimated by independent investors, which they can then use to invest in expanding their business.
The measure is a part of the Capital Market Development Strategy.