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Sep 13, 2007 18:02 EEST
September 13 (SeeNews) - Bulgarian investment company Holding Varna will seek to raise 49.5 million levs ($35.2 million/25.3 million euro) in a capital hike to secure growth, it said on Thursday.
Holding Varna, which has share capital of 1.0 million levs, will issue 1.1 million shares with a par value of 1.0 lev at an issue price of 45 levs each, it said in a statement. The capital hike will be considered successful if at least 550,000 of the new shares are subscribed for.
Company officials were not immediately available to elaborate on the purpose of the capital increase.
Holding Varna holds controlling stakes in four subsidiaries that are active in electric heater production, tourism, machine building and textiles. In October 2006 it issued 10 million euro ($13.9 million) of corporate bonds to support the companies within the group and finance the construction of a villa complex.
The company reported a 54.1% drop in its consolidated net profit for the first half of the year to 674,000 levs.
Shares in Holding Varna closed 1.9% higher at 43.8 levs on the Bulgarian Stock Exchange. The statement was released after the close of bourse trading on Thursday.
(1 euro = 1.95583 Bulgarian levs)
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