March 8 (SeeNews) - Bulgarian real estate developer FairPlay International said on Friday that it intends to absorb local construction company Prostroy 2002.
FairPlay International will increase its capital to 51.8 million levs ($29.7 million/26.5 million euro) from 51.7 million levs by issuing 58,500 new shares, the company said in a filing to the commercial register.
The fair price of FairPlay International shares at the end of 2018 was 1.499 levs per share, according to the filing.
The end owners of both companies are private individuals Mario Zahariev and Anna Zaharieva.
Mario Zahariev holds a 76.31% stake in FairPlay International and an 80% stake in Prostroy 2002, while Anna Zaharieva holds the remaining stakes in both companies.
FairPlay International booked some 68 million levs in consolidated revenue in 2017, and ended the year with an after-tax profit, including minority interest, of 7.6 million levs.
Prostroy 2002 generated revenue of 15.7 million levs in 2017 and a net profit of 1.7 million levs.
(1 euro = 1.95583 levs)