SOFIA (Bulgaria), June 4 (SeeNews) – Bulgaria's Euroins Insurance Group plans to raise the capital of its Romanian unit to 100 million lei ($31 million/22.7 million euro) by the end of the year, the group's parent company said.
Euroins Insurance Group has completed the first stage of the capital hike by increasing Euroins Romania’s capital by 50 million lei, Eurohold Bulgaria [BUL:4EH] said in a bourse filing earlier this week.
The move was financed by Euroins Insurance Group.
The decision for the capital hike was approved at a general shareholders’ meeting in April.
This is Euroins Romania's eighth capital increase since the Romanian company was acquired in 2007 by the insurance group. So far, Euroins Insurance Group has invested a total of 60 million euro in its Romanian arm.
(1 euro= 4.4084 Romanian lei)
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