Bulgaria's Smart Organic to move to BSE regulated market, raise cap

Smart Organic will move from BSE's BEAM growth market provided that the Financial Supervision Commission approves a prospectus to list the company's 10.31 million shares on the regulated market, the company said in a bourse filing last week.

The Sofia bourse's regulated market consists of the BSE main market and the BaSE alternative market.

The company will also issue up to 1.03 million new ordinary shares of 1 lev in par value each, priced at 19 levs apiece. Equity owners will receive rights equal to the number of shares they hold in Smart Organic, with each ten rights allowing them to subscribe for one new company share.

The capital increase will be considered successful if no less than 500,000 new shares are subscribed and paid for. The company's equity capital is currently divided into 10.31 million voting shares of 1 lev in par value each.

Additionally, investors approved the distribution of a gross dividend of 0.22 levs per share for 2023, or 2.27 million levs in total. The remaining 10.3 million levs of the company's earnings reported for last year will be retained as undistributed profit.

As of 1420 CET on Monday, shares in Smart Organic traded 2.83% lower at 20.60 levs on the BEAM growth market of the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)