January 23 (SeeNews) - Bulgarian sugar and confectionery producer Zaharni Zavodi [BUL:ZHZA] said on Monday it will not move forward with its plan for a capital increase of up to 1.1 million levs ($608,879/562,419 euro) by converting bonds into shares.
The company's capital will not be raised as no requests for conversion were submitted by the specified deadline, Zaharni Zavodi said in a stock exchange filing.
Bondholders had from December 30 until January 20 to submit requests for converting bonds into shares.
Shares in Zaharni Zavodi last traded at 3.72 levs on the Bulgarian Stock Exchange, bourse data showed.
(1 euro = 1.95583 levs)