Admission to AIM

Equest Investments Bulgaria Ltd
20 December 2006






Equest Investments Bulgaria Limited
(to be renamed 'Equest Investments Balkans Limited' following Admission)


£43.9 million fundraising and admission to trading on AIM

The Board of Equest Investments Bulgaria Limited ('EIBL' or the 'Company'),
today announces that the placing by Collins Stewart Europe Limited ('Collins
Stewart') raised gross proceeds of £43.9 million through the issue of 3,630,000
ordinary shares at £12.10 per ordinary Share ('Ordinary Shares') (equivalent to
€17.86 per Ordinary Share).

The Company's issued share capital now comprises 17,324,350 ordinary shares of
no par value. All of the Ordinary Shares in the Company have today been admitted
to trading on AIM. The new Ordinary Shares have also today been admitted to
trading on the Irish Stock Exchange.

The Company has to date invested and committed over EUR 130 million in equity or
equity related investments in developing enterprises, organised or operating
primarily in Bulgaria, and to a limited extent, in other countries in the Balkan
region.

The Company's investment objective is now to provide Shareholders with long term
capital growth by investing in equity or equity related securities in developing
enterprises organised or operated or operating in other countries, in addition
to Romania and Bulgaria, such as Albania, Croatia, FYR Macedonia, the Republic
of Montenegro, the Republic of Serbia, Slovenia, Ukraine and Turkey (the 'Target
Region').

EIBL's strategic holdings include - Vitosha Insurance, the fifth largest
insurance company in Bulgaria; Immofinance, a Bulgarian residential and second
home developer; Pelican Retail Holding, a development company for retail
centres; Avto Union, one of the leading local automotive importers and
distributors; and Familia Stores, one of the leading Bulgarian local food retail
operators. EIBL also now owns 75 per cent. of Lynx Property BV, which owns 100%
of the subsidiaries trading as Technomarket (the 'Technomarket Group'). The
Technomarket Group is Bulgaria's largest wholesaler and retailer of consumer and
home appliances.

As at 15 October 2006, being the date of the latest published net asset value of
the Company, the Company's net asset value per Ordinary Share was €17.79.

EIBL is to be renamed Equest Investments Balkans Limited following Admission.
The name change is expected to become effective later today and be reflected on
the trading systems with effect from 21 December 2006. The AIM ticker symbol is
EIB.

Commenting on the Placing, Mr. Petri Karjalainen, a Director of EIBL and
Managing Partner of Equest Partners Limited, the Investment Adviser to EIBL,
said:

'We are delighted with the outcome of the placing and look forward to
progressing the next phase of the Company's development. EIBL is already one of
the leading investment companies in the region and our strong pipeline of
investment opportunities provides considerable optimism for further successful
growth.'

For further information please contact:
EIBL
Petri Karjalainen     [phone]
Naomi Kora            [phone]

Financial Dynamics
Ed Gascoigne-Pees     [phone]
Nick Henderson        [phone]

Collins Stewart Europe Limited
Hugh Field            [phone]

EIBL is managed by Equest Capital Management Limited ('Equest Capital'), a
British Virgin Islands company. Equest Capital is advised by Equest Partners
Limited, an English company which was founded in 2001 in London by Managing
Partners Kari Haataja and Petri Karjalainen. George Krumov joined Equest
Partners Limited as a Managing Partner in 2002. Equest Partners Limited is
authorised and regulated by the Financial Services Authority. Equest Partners
Limited provides investment and corporate advisory services to investment
companies and stock market listed companies. Equest Partners Limited and its
group of companies employs more than 30 professionals located in its
headquarters in London and offices in Sofia (Bulgaria), Bucharest (Romania) and
Belgrade (Serbia).

Collins Stewart Europe Limited, which is authorised and regulated by the
Financial Services Authority in the conduct of investment business, is acting
exclusively for Equest Investments Bulgaria Limited and for no-one else in
connection with the placing and will not be responsible to anyone other than
Equest Investments Bulgaria Limited for providing the protections afforded to
customers of Collins Stewart Europe Limited or for providing advice in relation
to the issue.

20 December 2006

ENDS



                      This information is provided by RNS
            The company news service from the London Stock Exchange