January 9 (SeeNews) - Bulgarian fuel retailer Petrol [BUL:5PET] said on Monday it will seek its shareholders’ approval to launch a reverse stock split.
Petrol plans to increase the nominal value of its shares from 1 lev ($0.54/0.51 euro) to 4 levs, by merging four existing shares into one new share, the company said in a bourse filing.
As a result of the reverse stock split, the number of Petrol shares will decrease to 27,312,403 from the current 109,249,612.
The proposal will be discussed at a shareholders' meeting, which will take place on February 15.
Last week, Petrol announced a consolidated net loss of 11.9 million levs in the first nine months of 2016.
Petrol operates 334 fuel stations in Bulgaria as well as three petrol port terminals.
Petrol shares closed 10.04% lower at 0.43 levs, as 700 of the company’s shares changed hands on the Bulgarian Stock Exchange on Friday.
(1 euro=1.95583 levs)