September 28 (SeeNews) - Bulgarian fuel retailer Petrol [BUL:5PET] has said it will seek shareholder approval to launch a reverse stock split.
Petrol proposes to increase the nominal value of its shares to 4 levs apiece ($2.30/2.05 euro), from 1 lev at present, by combining four existing shares into one new share.
As a result of the reverse stock split, the number of Petrol shares will decrease to 27,312,403, from 109,249,612 the company said in a bourse filing on Tuesday.
The proposal will be discussed at a shareholder meeting, which will take place in the city of Lovech on November 1.
Petrol posted a consolidated net loss of 10.5 million levs in the first half of 2016, compared to a loss of 100.1 million levs for the same period last year.
(1 euro = 1.95583 levs)