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Bulgaria's Euro-Finance gets regulatory nod to lower capital

Author Mario Tanev
Bulgaria's Euro-Finance gets regulatory nod to lower capital Author: Ken Teegardin. Licence: Creative Commons.

SOFIA (Bulgaria), January 17 (SeeNews) - Bulgaria's Financial Supervision Commission (FSC) said that it has granted approval to local brokerage Euro-Finance to lower its capital by 25.9 million levs ($14.7 million/13.2 million euro) to 14.1 million levs.

Euro-Finance intends to cancel 25,899,998 repurchased own shares with a nominal value of 1 lev apiece, the financial regulator said in a statement on Thursday.

The capital decrease is necessary as Euro-Finance is overcapitalised and thus generates low return on capital, the company said last year, when its shareholders approved the decision. 

Euro-Finance is part of local financial and insurance group Eurohold Bulgaria.

(1 euro = 1.99583 levs)

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