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Bulgaria's Ognyanovo-K to cut capital

Author Mario Tanev
Bulgaria's Ognyanovo-K to cut capital Author: Ken Teegardin. Licence: Creative Commons.

SOFIA (Bulgaria), October 18 (SeeNews) - Bulgarian building materials producer Ognyanovo-K said on Friday that it is seeking the approval of its shareholders to cut its capital by some 4.56 million levs ($2.62 million/2.33 million euro) to 14 million levs.

Ognyanovo-K shareholders will vote on the proposal at a meeting scheduled for November 22, the company said in the invitation for the meeting.

Earlier this year, Bulgaria's government extended Ognyanovo-K's concession contract for mining limestone from the Ognyanovo-77 deposit, in the country's southwest. The initial contract was signed in 2001 for a term of 20 years.

Ognyanovo-K generated revenue of 27.3 million levs in 2017, down from 29.8 million levs in 2016.

(1 euro = 1.95583 levs)