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Bulgaria's Transimport planning to cut capital to cover losses

Author Mario Tanev
Bulgaria's Transimport planning to cut capital to cover losses tanatat/Shutterstock.com

SOFIA (Bulgaria), September 26 (SeeNews) - Bulgarian wine, spirits and tobacco products trader Transimport said that it is planning to nearly halve its registered capital to some 3.66 million levs ($2.05 million/1.87 million euro) from 7.24 million levs currently.

Transimport intends to decrease its capital in order to free funds to cover losses from accumulated losses of 3.577 million levs, the company said in a statement earlier this week.

The company's shareholders approved the proposal at a general meeting held on September 12.

Transimport generated revenue of 32.9 million levs in 2018 and closed the year with a net profit of 925,000 levs.

Transimport is part of local VM Finance Group.

(1 euro = 1.95583 levs)

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