July 22 (SeeNews) - Bosnian insurance company Krajina Osiguranje [BANJ:KROS-R-A] said on Friday it decreased its capital to 8.73 million marka ($4.53 million/4.46 million euro) from 20.67 million marka to cover losses from previous years.
The capital reduction, carried out by withdrawing and cancelling of shares, was used to cover losses of 11.1 million marka and set aside legal reserves in the amount of 875,989 marka, Krajina Osiguranje said in a bourse filing.
Following the capital decrease, Krajina Osiguranje's capital is divided into 8,730,000 shares of 1 marka in par value each.
Krajina Osiguranje's net loss widened to 2.1 million marka in 2021, compared with a net loss of 222,804 marka in 2020.
Under a separate decision approved by the company shareholders earlier this month, Krajina Osiguranje plans to issue 3,100,000 new shares of 1 marka in par value each in order to raise its total capital to 11.83 million marka.
Krajina Osiguranje's shares did not trade on the Banja Luka Stock Exchange (BLSE) in the past year.
(1 euro - 1.95583 marka)