Bulgaria’s Chimimport To Seek Around 102 Mln Euro in Cap Hike to Finance Operations

Chimimport plans to issue up to 50 million new shares, subscription for which is to start by the end of the year, it said in statement filed with the Bulgarian Stock Exchange’s (BSE) information service X3 News.

Chimimport management board will decide what the exact number of shares and their issue price willl be, it added.

Chimimport has a nominal capital of 150 million levs divided into the same number of shares.

The funds raised in the capital hike will be used to finance the group's investment plans and operations, Chimimport said.

Chimimport groups over 70 companies operating in the financial, transport, manufacturing and real estate sectors. It expanded its portfolio by acquiring stakes in a number of Bulgarian and foreign companies over the past several years.

Shares in Chimimport, part of blue-chip SOFIX index of the Sofia stock exchange, traded 6.45% lower at 3.45 levs by 0925 GMT on Friday.

(1 euro = 1.95583 Bulgarian levs)