Bulgarian River Shipping Co Seeks 8.3 Mln Euro in Capital Hike

BRP plans to issue 6,750,000 shares with a par value of 1.0 lev and an issue price of 2.4 levs each, the Financial Supervision Commission (FSC) said in a statement.

No further details were immediately available.

Earlier this year, the company set up a subsidiary in Slovakia as part of its expansion plans.

BRP is part of Bulgaria's largest industrial group, Chimimport (www.chimimport.bg), which paid 22 million levs to acquire the river shipping business in 2006.

BRP (www.brp.bg), set up in 1935, posted a 3.3 million lev net profit through June, up 6.5% on the year, as sales rose 28% to 29.7 million levs. In 2008, it had net earnings of 4.31 million levs, up from the 3.228 million lev profit it had recorded a year earlier.

Shares of BRP closed 0.9% lower at 2.1 levs in small volumes on the Sofia bourse on Tuesday. The statement was released during trading hours.

(1 euro = 1.95583 Bulgarian levs)