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Aug 22, 2022 12:16 EEST
August 22 (SeeNews) - Bosnian hydro power producer Hidroelektrane na Trebisnjici (HET) [BANJ:HETR-R-A] said on Monday its shareholders have approved a plan 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 ($21.7 million/21.6 million euro) worth of receivables into a monetary contribution into the hydro power plant operator's capital, HET said in a bourse filing.
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.
The Serb Republic is one of two autonomous entities that make up Bosnia and Herzegovina. The other one is the Federation.
HET's shares last traded on the Banja Luka bourse on August 16, closing flat at 0.30 marka.
(1 euro = 1.95583 marka)
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