July 26 (SeeNews) - Bosnian hydro power producer Hidroelektrane na Trebisnjici (HET) [BANJ:HETR-R-A] said on Tuesday it plans to increase the share capital of its fully-owned unit HE Dabar, the company managing the construction of the 160 MW Dabar hydro power plant, by converting receivables into capital.
HET intends to convert 42.3 million marka ($22.1 million/21.6 million euro) worth of receivables into a monetary contribution toward the hydro power plant operator's capital, HET said in a bourse filing.
HET's shareholders will vote on the proposed transaction at a meeting on August 5.
The planned capital increase is aimed at securing additional financing for the construction of the Dabar hydro power plant which is expected to be completed by 2025.
HE Dabar's equity capital totalled 146.5 million marka as at the end of 2021.
Currently, the Serb Republic's power utility ERS owns 76.2% of HET's share capital, the Serb Republic's Pension Reserve Fund's management company owns 6.8% and the entity's Restitution Fund owns 3.4%. The remainder is distributed among several small shareholders, data from the Serb Republic-based Banja Luka Stock Exchange showed.
(1 euro = 1.95583 marka)