September 17 (SeeNews) - Bulgarian advertising, brand marketing and music video producer Advertising Prodigy said on Thursday it will double capital to 720,000 levs ($542,000/368,000 euro) through capitalising last year's earnings.
The company will issue 360,000 new shares with a par value of 1.0 lev each that will be distributed among its shareholders, it said in a statement.
Greek investor Nikos Asikis, Advertising Prodigy's founder, holds a 98% stake in the company, which is listed on the Bulgarian Stock Exchange.
Advertising Prodigy closed 2008 with a net profit of 449,539 levs, of which it will use 360,000 levs for the capital hike and the rest will keep as reserves.
Advertising Prodigy, which debuted on the Bulgarian bourse in March, said back then it would raise capital to up to 20 million levs to finance regional expansion plans.
Advertising Prodigy (www.advprodigy.com) is involved in TV productions, music productions and festivals and below-the-line advertising. Below-the-line sales promotions are short-term incentives, largely aimed at consumers.
(1 euro = 1.95583 Bulgarian levs)