July 6 (SeeNews) - Bulgarian commercial kitchen equipment manufacturer Torgoterm [BUL:TTV] said on Friday that its shareholders have approved a proposal to delist the company from the stock exchange in Sofia.
The shareholders also authorised the board of directors to take a decision for launching a capital increase of up to 2 million levs ($1.2 million/1.0 million euro) within the next five years, Torgoterm said in a statement.
In May, the company's majority owner - Metalcomplektengineering, acquired 4,365 Torgoterm shares, equal to a 0.1455% stake, in a buyout bid. The buyout bid, priced at 6.0 levs per share, targeted 68,464 shares which the company did not already own at the time.
Torgoterm, established in 1965, manufactures and imports professional kitchen equipment. The company exports around 80% of its output to Spain, Italy, France and other countries.
Metalcomplektengineering acquired a majority stake in Torgoterm in 2006.
(1 euro = 1.95583 levs)