December 2 (SeeNews) - Serbian rubber and chemical products manufacturer Tigar [BEL:TIGR] has approved a capital hike of 377.6 million dinars ($3.3 million/3.1 million euro) to convert debt into shares, the company said on Friday.
The company intends to issue 1.009 million ordinary shares with a nominal value of 374 dinars each, which will increase its share capital to 1.002 billion dinars, Tigar said in a bourse filing.
Lender Jubimes Banka [BEL:JMBN] will subscribe for 61,407 shares with a combined nominal value of 23 million dinars and the town of Pirot will get 244,538 shares worth 91.5 million dinars in total, Tigar said.
The Serbian pension insurance fund will subscribe for 217 million dinars and the remainder will go to the country's health insurance fund.
Earlier this month, Tigar said its nine-month consolidated net loss narrowed to 194.5 million dinars from 317.1 million dinars in the like period last year. The main reason for the 2016 loss were the significant costs related to debt repayment and foreign transactions, which reached 283.3 million dinars in the review period.
No Tigar shares were traded on the Belgrade Stock Exchange on Friday. The stock closed at 105 dinars on Thursday.
(1 euro = 123.325 dinars)