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Bulgaria's Sin Cars to seek 3.1 mln euro in bourse listing - report

Author Mario Tanev
Bulgaria's Sin Cars to seek 3.1 mln euro in bourse listing - report SIN S1 car; Source: Sin Cars

SOFIA (Bulgaria), February 19 (SeeNews) - The founder of Bulgarian electric car maker Sin Cars Industry, Rosen Daskalov said that the company will seek to raise up to 6 million levs ($3.3 million/3.1 million euro) on the Bulgarian Stock Exchange (BSE), local media reported on Wednesday.

Sin Cars Industry intends to use the funds to develop urban electric cars, as well as electric tricycles for transportation of tourists, business news outlet quoted Rosen Daskalov as saying.

Sin Cars Industry has already signed an agreement with a company servicing tricycles, which envisages the production of 50 tricycles this year and 100 in 2021.

The company is also considering the options to develop an eight-passenger business vehicle or a commercial vehicle for transportation of cargo.

Sin Cars Industry will seek listing on the BSE's SME growth market BEAM, which allows small and medium-sized enterprises to seek listing under simplified procedures as compared to the regulated market.

Earlier this month, Sin Cars Industry said that its shareholders have approved the company's plan to increase its capital by 500,000 levs via a new share issue, which will be subscribed by local VKA Solutions. The company currently has a registered capital of just over 18 million levs.

(1 euro = 1.95583 levs)