SOFIA (Bulgaria), May 16 (SeeNews) – Bulgarian fuel retailer Petrol [BUL:5PET] said it has decided to decrease its capital to 27.3 million levs ($15.4 million/13.9 million euro), from 109.2 million levs, by reducing the nominal value of its shares from 4 levs to 1 lev.
The decision has been approved by the company shareholders at an extraordinary general meeting held on May 5, Petrol said in a bourse filing late on Monday.
The capital decrease will go through only if Petrol’s decision to launch a reverse stock split, taken in February, gets approved by Lovech Regional Court, the company added.
In February, Petrol’s shareholders approved a decision to merge four existing shares into one new share, thus increasing the nominal value of the shares to 4 levs, from 1 lev.
Last month, the company announced it recorded a consolidated net loss of 11.3 million levs in 2016.
Petrol operates over 330 fuel stations in Bulgaria as well as three petrol port terminals.
(1 euro = 1.95583 levs)