October 19 (SeeNews) - Bulgarian engineering, construction and energy group Enemona will seek 59.2 million levs ($45.2 million/30.3 million euro) through a preferred share issue on the Sofia bourse, the company said.
Enemona plans to issue 5,996,800 preferred shares with a par value of 1.0 lev each and an issue price of 9.92 levs per share, the company said in a statement late on Friday.
The issue will be considered successeful if one million shares are subscribed for. It will become convertible seven years after it is registered with the Central Depository at a one-for-one ratio, Enemona added.
Each preferred share guarantees a cumulative annual dividend of 10% of its issue price, or 0.99 levs per share.
The group plans to use the proceeds from the issue to finance its energy projects, including the Lomski Ligniti coal mining project estimated to cost some 1.5 billion levs, a biomass project in northwestern Bulgaria, and for acquisition of energy companeis, local Dnevnik business daily reported on Monday. Part of the money will be also used for debt restructuring.
Last month, the group said it will issue 5,996,800 warrants with an issue price of 0.17 levs and an excercise price of 18.50 levs. Warrant holders could convert them into ordinary shares after six years.
Shares of Enemona, a component of the blue-chip SOFIX index of the bourse in Sofia, was traded at 11.32 levs by 0856 GMT on Monday, 5.7% down from Friday's close.
(1 euro = 1.95583 Bulgarian levs)