July 2 (SeeNews) - Bulgaria's Municipal Bank said that its shareholders have approved the company’s plans to seek to increase its capital by 8 million levs ($4.6 million/4.1 million euro) to 69.36 million levs via a new share issue.
Municipal Bank intends to offer 800,000 new shares at a price of 10 levs apiece, equal to their nominal value, the minutes from the lender’s shareholders meeting, held on June 21, showed.
All new shares will be subscribed for by Liechtenstein-based Novito Opportunities Fund, which acquired a 67.65% stake in Municipal Bank from Sofia municipality last year. Novito Opportunities Fund held a stake of 94.9161% at the time of the shareholders meeting.
According to the same document, Municipal Bank pocketed a net profit of 6.9 million levs in 2018.
Municipal Bank was Bulgaria's 13th largest lender by assets at the end of May, according to central bank data.
(1 euro = 1.95583 levs)
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