October 4 (SeeNews) - Bulgarian online trading system operator Auxionize said that it is planning to increase its capital by 1 million levs ($562,000/511,000 euro) to 5 million levs via a new share issue.
The 100,000 new shares will be subscribed for by four existing shareholders at a price of 10 levs each, equal to their nominal value, Auxionize's board of directors said in a statement last month.
The company's majority owner - Ivaylo Penchev, will subscribe for most of the new shares - 98,440. Penchev is also the co-founder and CEO of Bulgarian climbing walls manufacturer Walltopia.
Savina Petrova and Ivan Dimitrov will subscribe for 600 shares each, while Stefan Stefanov will subscribe for 360 shares.
At the end of 2018, Ivaylo Penchev held a stake of 95.27% in Auxionize, followed by Savina Petrova with a 3.14% stake. Stefan Stefanov and Ivan Dimitrov controlled 0.89% and 0.70%, respectively.
Earlier this year, the company increased its capital by 750,000 levs. Ivaylo Penchev subscribed for 72,830 shares, Savina Petrova and Ivan Dimitrov - 700 each, Stefan Stefanov - 420, and Boryana Levterova - 350.
Auxionize booked revenue of 764,000 levs in 2018 and ended the year with a net loss of 396,000 levs.
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)