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Bulgaria's Ttrust Asset Management to cut capital by 2.3 mln euro

Author Mario Tanev
Bulgaria's Ttrust Asset Management to cut capital by 2.3 mln euro Author: Ken Teegardin. License: Creative Commons, Attribution 2.0 Generic.

SOFIA (Bulgaria), October 16 (SeeNews) - Bulgaria's Ttrust Asset Management said that it is planning to decrease its registered capital by 4.495 million levs ($2.54 million/2.30 million euro) to just 5,000 levs.

The reason for the decision is the fact that the company's previous capital increase was aimed at raising funds which were then supposed to finance investment projects of a banking institution, but the deal with the lender subsequently fell through, Ttrust Asset Management said in a statement on Tuesday.

The current ownership structure will be retained following the capital decrease, with US-based Zeitgeist Ventures holding 50%, and Lichtenstein-registered PFHC Limited and Metu owning the remaining 45.5% and 4.5%, respectively.

The company's owners approved the plan at a general meeting held of October 3.

(1 euro = 1.95583 levs)

 

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