ZAI, the Berkovitsa-based manufacturer of abrasive and cutting instruments, will seek approval from a May 19 meeting of shareholders to go public on the Sofia stock exchange.

ZAI, 47%-owned by business conglomerate Industrial Capital Holding, plans to perform a secondary offering of 4.5 mln shares. The current shareholders will make available to outside investors 10% to 20 of the capital.

Investment intermediary BenchMark Finance is drafting the public offering prospectus of the company. The proceeds from the share sale, expected to happen by mid-2008, will be invested in the ongoing retooling of the Berkovitsa plant.
ZAI, which employs 11 8 workers, posted revenues of 1.8 mln levs in 2006.