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Bosnia's Metal Gradiska to cut share capital to cover loss

Author Iskra Pavlova
Bosnia's Metal Gradiska to cut share capital to cover loss VMRO-DPMNE/All Rights Reserved.

BANJA LUKA (Bosnia and Herzegovina), September 17 (SeeNews) – Bosnian metal profiles and tools manufacturer Metal Gradiska [BLSE:METL] said on Tuesday it will reduce its share capital to 857,600 marka from the current 15.8 million marka ($8.9 million/8.1 million euro) in order to cover accumulated loss.

The shareholders approved the proposed capital cut at their extraordinary meeting held on September 13, Metal Gradiska said in a filing with the Banja Luka stock exchange.

Under the decision, the company will cancel all existing 15,679,520 regular shares of 1.0 marka in par value each, and will issue 857,645 new shares of the same par value, the statement said.

Metal Gradiska's accumulated loss totalled 14.8 million marka at the end of June. The company swung to a pre-tax profit of 550,000 marka in the first half of 2019 from a 509,000 marks loss in January-June 2018.

Its shares last traded on the Banja Luka bourse on September 11, closing flat at 0.038 marka.

Metal Gradiska is based in Bosanska Gradiska. The company manufactures metal pipes and profiles, metal furniture, wheelbarrows and tools.

(1 euro=1.95583 Bosnian marka)