April 11 (SeeNews) - A Bulgarian court said it has granted the request of insolvent Corporate Commercial Bank to suspend the registration of fuel retailer Petrol's [BUL:5PET] capital decrease, until a pending commercial court case against Petrol is resolved.
On Wednesday, when the Lovech district court ruling was published in Bulgaria's Commercial Register, Petrol's share price plunged 36.36% to 0.7 levs on the Bulgarian Stock Exchange. Petrol shares did not trade on the Sofia exchange by 12:30 CET on Thursday.
The Lovech district court's ruling can be appealed before the Veliko Tarnovo appellate court, the Lovech court said.
In February, Petrol's shareholders approved a proposal to reduce the company's capital by three quarters to 27.3 million levs ($15.8 million/14 million euro) in order to cover accumulated losses.
The proposal was supported by 90.19% of the shareholders present at the meeting, namely Julinor, Trans Express Oil, Perfeto Consulting and VIP Properties. Corporate Commercial Bank and private individual Mitko Sabev voted against.
Holders of 57.28% of Petrol's total registered share capital attended the February meeting. The fuel retailer needed the approval of three quarters of the represented capital to pass the capital reduction.
According to Petrol's unaudited annual financial report, the company ended 2018 with a non-consolidated accumulated loss of 100.3 million levs.
(1 euro = 1.95583 levs)