August 25 (SeeNews) - Bulgarian investment company Holding Varna said on Monday it will seek to raise 69 million levs ($52 million/35 million euro) in a capital hike.
The management board of Holding Varna approved on Friday a plan to issue 3,136,364 million shares with a par value of 1.0 lev at an issue price of 22 levs each, the holding company said in a filing to the Bulgarian Stock Exchange’s (BSE) information service X3News.
The capital hike will be considered successful if at least 1,568,182 of the new shares are subscribed for. The subscription will start seven days after the company’s announcement is published in the State Gazette.
Company officials declined to comment on the purpose of the capital increase.
Holding Varna, which currently has a share capital of 2,099,567 million levs, holds controlling stakes in four subsidiaries that are active in electric heater production, tourism, machine building and textiles.
The holding company reported a 2007 audited consolidated net profit of 5.576 million levs, 3.6 times higher than the previous year.
Shares in Holding Varna, part of the broad BG 40 index of the BSE, closed 2.27% higher at 22.5 levs in a volume of 78 shares on Monday. The statement was released after the close of bourse trading on Monday.
(1 euro = 1.95583 Bulgarian levs)