September 20 (SeeNews) - Bosnian insurance company Krajina Osiguranje [BANJ:KROS-R-A] said on Monday it plans to issue new shares, expecting to raise 7 million marka ($4.2 million/3.6 million euro).
The insurer intends to issue 7 million ordinary shares of 1 marka in par value each, the company said in a bourse filing.
Existing shareholders can exercise their preemptive rights and purchase shares at a price of 0.42 marka per share. The existing shareholders will have 15 days to subscribe for the new shares.
The issue will be considered successful if at least 60% of the new shares are subscribed for within 45 days. The starting date of the subscription period will be announced in a public call that is yet to be published, Krajina Osiguranje said.
The capital hike decision was adopted at a shareholders meeting held on September 10.
The insurer's current capital is divided into 13,668,191 shares of 1 marka in par value each.
Krajina Osiguranje's shares did not trade on the Banja Luka Stock Exchange (BLSE) in the past year.
(1 euro = 1.95583 marka)