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Dec 07, 2007 17:28 EEST
December 7 (SeeNews) - Bulgarian gas supplier Gazosnabdiavane Parvomai, majority owned by the country's leading gas retailer Overgas Inc., will raise its capital by 21 times, the company said on Friday.
Gazosnabdiavane Parvomai will raise its share capital to 3.8 million levs ($2.8 million/1.9 million euro) by issuing of 36,323 new shares with a par value of 100 levs each, the company said in a statement carried by the State Gazette. Its current capital is 180,000 levs.
Officials of Overgas and Gazosnabdiavane Parvomai were not immediately available to elaborate on the purpose of the capital increase.
Gazosnabdiavane Parvomai is 65/35 owned by Overgas Inc. and the town of Parvomai, in southern Bulgaria.
Overgas has 29 gas distribution units countrywide. The company dominates the gas distribution market in Bulgaria with a share of around 85%. Its network has the capacity to supply gas to more than 200,000 households.
Overgas (www.overgas.bg) is 50%-owned by Gazexport, the trading arm of Russian gas giant Gazprom.
(1 euro = 1.95583 Bulgarian levs)
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