Bulgaria's Energoni To Raise Capital to 279.9 Mln Euro

The raising of the company's capital by 547,313,000 new shares will be voted at a shareholders' meeting on November 16, the company said in a statement late on Friday.

The folding of local construction company Royal Resorts and energy projects developer Royal Investment into Energoni will also be on the agenda for the shareholders' meeting.

The company will also propose to shareholders a capital increase to up to 1.0 billion levs within nine months after the folding is registered with the Trade Registry.

Company officials were not immediately found to elaborate.

Energoni, which listed on the bourse in Sofia in June, said it plans to invest some 160 million euro ($228 million) in a 100-megawatt wind farm, its CEO and owner Dimitris Aivaliotis said back then. The company was also studying a possibility to implement a water bottling project in which up to 10 million levs will be invested, Aivaliotis said.

The focus of Energoni (www.energoni.com), set up in 2007, is to develop 300 MW of wind parks and 30 MW of photovoltaic power stations in Bulgaria, it says on its website.

So far, Energoni was traded only once on the bourse in Sofia, on June 11, when 50 stocks changed hands at 6.0 levs each.

(1 euro = 1.95583 Bulgarian levs)