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Bulgaria's Zaharni Zavodi abandons plan to hike capital via conversion of bonds

Author Vasil Kolchev
Bulgaria's Zaharni Zavodi abandons plan to hike capital via conversion of bonds Photo: Zaharni Zavodi / All rights reserved.

SOFIA (Bulgaria), November 12 (SeeNews) - Bulgarian sugar and confectionery producer Zaharni Zavodi [BUL:ZHZA] said on Friday it will not proceed with its plan to increase capital by converting bonds into shares.

The capital of the company will not be increased, as no requests for converting bonds into shares have been submitted by the specified deadline, Zaharni Zavodi said in a bourse filing.

Zaharni Zavodi's bondholders had from October 21 until November 10 to submit requests for converting bonds into shares. 

In September, Zaharni Zavodi's management board decided to increase the company's capital from 11.1 million levs to up to 11.8 million levs via the issue of up to 700,000 new ordinary shares, under the condition that the company's bondholders convert into shares bonds with a nominal value of up to 5,000,100 levs. Bondholders were to get 14 ordinary shares per each bond they hold.

Shares of Zaharni Zavodi last closed at 5.20 levs on the BaSE market of the Bulgarian Stock Exchange, bourse data showed.

(1 euro = 1.95583 levs)

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