June 5 (SeeNews) - Bulgaria's Eurolease Group said that its shareholders approved a propose to rename the company to ELG.
The change of name has been entered in the commercial register, Eurolease, whose largest investor is financial services company Asterion Bulgaria [BUL:8AVA], said in a bourse filing.
Last week, the leasing group announced that its first-quarter consolidated net profit surged to 5.73 million levs ($3.1 million/2.9 million euro) from 230,000 levs a year earlier.
The sharp increase is mainly the result of the disposal of Eurolease Rent-a-Car and profits generated by units Amigo Finance, Financity and Sofia Motors, the company noted.
Revenue at group level grew 69% on the year to some 11.8 million levs in the review period. At the same time, operating expenses dropped to 4.96 million levs from 5.26 million levs in the first quarter of 2022.
In April, Eurolease Group shareholders voted to reduce the company's capital to 4.1 million levs from 19.3 million levs by cancelling 445,808 own registered, non-preferred shares with a nominal value of 34 levs.
Eurolease Group has a wholly-owned subsidiary in North Macedonia and also comprises affiliates Cazam, Simpl, Uplease and Autoplaza.
Last year, Asterion purchased 90.01% of Eurolease Group from Eurohold Bulgaria [BUL:EUBG], later reducing its stake to 40.01%.
(1 euro = 1.95583 levs)