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10Apr2004
Advance Invest receives investment company licence
The Financial Supervision Commission (FSC) has approved the prospectus for the public offering of shares by open-end investment company Advance Invest. Investors will be able to purchase shares within 1-2 weeks from the offices of Advance Invest's management company Karoll Capital Management in Sofia, Plovdiv, Varna, Bourgas, Rousse and Vratsa.
Advance Invest takes off with a capital of 2.05 mln levs which is expected to undergo multiple raises by year-end. The initial quotes for the one-lev Advance Invest shares are expected to be in the range of 1.04 levs.
The company will invest primarily in Bulgarian stocks and bonds and securities in Central and Eastern Europe.
The other three open-end investment firms doing business here are Elana Fund Management and TBI Eurobond, which invest in fixed-income debt instruments, and Zlaten Lev which has a similar investment profile to Advance Invest. Capman Capital was also recently granted an investment company licence.
In related news, Bank Austria has submitted the application papers for its Capital Invest company to FSC. Bulgarian investors will soon have a pick among several mutual funds under the Capital Invest brand.
