March 25 (SeeNews) - Bulgarian online trading system operator Auxionize said on Monday that it is planning to increase its capital to 4 million levs ($2.3 million/2.0 million euro) from 3.25 million levs via a new share issue.
The 75,000 shares will be subscribed for by five private individuals at a price of 10 levs each, equal to their nominal value, Auxionize's board of directors said in a statement.
The company's majority owner - Ivaylo Penchev, will subscribe for most of the new shares - 72,830. Penchev is also a co-founder and CEO of Bulgarian climbing walls manufacturer Walltopia.
Savina Petrova and Ivan Dimitrov will subscribe for 700 shares each, Stefan Stefanov will get 420 shares, and Boryana Levterova will obtain 350 shares.
As at October 20, 2018, when the company's last shareholders meeting was held, Ivaylo Penchev held a 95.27% stake in the company, followed by Savina Petrova with a 3.14% stake. Stefan Stefanov held 0.89%, while Ivan Dimitrov owned 0.70%. Boryana Levterova did not own a stake in the company at the time.
Auxionize booked 594,000 levs in revenue in 2017 and ended the year with a net loss of 373,000 levs, according to its latest available financial statement.
Auxionize is a trading system alternative to the traditional procurement process. The platform uses the principle of reverse auctions, where the buyer initiates an auction and ultimately selects the winner.
(1 euro = 1.95583 levs)