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Sep 17, 2007 17:30 EEST
September 17 (SeeNews) - Bulgarian industrial group Doverie Obedinen Holding will seek to raise 10.5 million levs ($7.5 million/5.4 million euro) in a capital hike to fund investments in subsidiaries, the group said on Monday.
"The goal of the capital increase is investments in subsidiary companies, most probably in technological upgrades in textile firms and companies in the wine industry," board member Anna Pavlova told SeeNews.
The holding group, whose share capital totals 13.1 million levs, plans to issue 876,657 shares with a par value of 1.0 lev and an issue price of 12 levs each, it said in a statement.
The capital hike will be considered successful only if at least 701,325 of the new shares are subscribed. Shareholders will vote on the increase at an extraordinary meeting on November 19.
Doverie, included in the broad BG 40 index of the Bulgarian Stock Exchange, has around 50 subsidiaries in the textile, food, construction, health care, pharmaceutical and tourism industries in Bulgaria.
The holding group's consolidated net profit after minority interests surged 80.3% on the year to 2.3 million levs in the first half of 2007, while sales rose 17.4% to 80.2 million levs.
Shares in Doverie closed 1.09% higher at 13.85 levs per share as 9.240 stocks changed hands. The statement was released after the close of bourse trading on Monday.
(1 euro = 1.95583 Bulgarian levs)
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