March 15 (SeeNews) - Bulgarian IoT devices developer Allterco [BUL:A4L] said that its board of directors decided to increase the capital of the company's unit Allterco Robotics by 5.5 million levs ($3.1 million/2.8 million euro) to 7 million levs.
Allterco will subscribe for all of the 5.5 million shares with a nominal value of 1 levs each that Allterco Robotics will issue as part of the capital hike, the parent company said in a bourse filing late on Monday.
In view of the strong increase in demand for Allterco's products due to the hike in energy prices, Alterco Robotics' capital increase aims to accelerate the development of new products, expand production capacity, and tap into new markets, the bourse filing read.
Allterco Robotics intends to invest in the development of new innovative products for home and office automation this year, as well as in
expanding its portfolio of professional devices, Allterco noted.
The capacity of the research and development department will be increased in order to address the growing demand and needs of the industry to integrate the technologies developed by Alterco Robotics. In addition, the compatibility of the equipment intended for the markets in Australia, England, and the U.S. will be improved, Allterco said.
On Monday, Allterco closed 2.21% higher at 18.50 levs on the floor of the Sofia bourse.
Sofia-based Allterco Robotics produces smart devices under the home automation brand Shelly and the smartwatches brand MyKi.
(1 euro = 1.95583 levs)