June 6 (SeeNews) - Bulgarian diversified group Favorit Hold [BUL:6A9] said that it is seeking the approval of its shareholders to increase its capital by 23,500 levs ($13,500/12,000 euro) to 2.38 million levs via a new share issue.
Favorit Hold is planning to offer 23,500 shares at a price of just 1 lev apiece, with only its investor relations officer and members of its board of directors and supervisory board eligible to subscribe for shares from the issue, Favorit Hold said on Wednesday in an invitation for a shareholders meeting.
Favorit Hold shares last traded on the Bulgarian Stock Exchange at a price of 2.8 levs apiece.
The company's shareholders will vote on the proposal at a meeting scheduled for July 10.
Last month, Favorit Hold's board of directors decided to cancel the then ongoing capital increase procedure, without disclosing reasons for the decision. The company planned to offer 785,641 shares for subscription at a price of 5 levs apiece, seeking to raise up to 3.9 million levs.
The minimum threshold for the capital increase to be considered successful was at least 250,000 shares to be subscribed for and paid for.
(1 euro = 1.95583 levs)