November 19 (SeeNews) - Bulgaria's Financial Supervision Commission said that it has asked local lavender oil and cosmetics producer Lavena [BUL:4L4] to provide further information and documents regarding its request for approval of a capital increase prospectus.
The financial regulator did not provide additional details in its statement, published last week.
In October, Lavena said that it will seek to raise up to 5.6 million levs ($3.3 million/2.9 million euro) through a capital increase via a new share issue.
Lavena plans to offer 1,599,905 shares for subscription at a price of 3.5 levs each.
Lavena shares last traded on the Bulgarian Stock Exchange at a price of 3.88 levs apiece.
If the issue is fully subscribed, Lavena's capital will be increased to 9.92 million levs rom 8.32 million levs.
The capital hike will be considered successful if at least 1 million shares are subscribed for and paid for.
In August, Lavena increased its capital to 8.32 million levs from 319,981 levs via a bonus share issue. Existing shareholders received 25 new shares for each Lavena share they owned before the increase.
Established in 1962, Lavena owns lavender plantations and exports its products to Europe, Asia, Africa, Australia and the U.S. Bulgaria is among the world's biggest producers of lavender oil.
(1 euro = 1.95583 levs)