Bulgaria's Zaharni Zavodi to increase cap via bonds for shares swap

Some 1.13 million ordinary voting shares will be issued at 1 lev in par value each if all 188,288 bonds are converted, Zaharni Zavodi said in a bourse filing.

Each bond will give the right to six ordinary shares in the company at a conversion price of 6.045 levs per share.

The conversion will take place between December 30 and January 20.

On December 23, the company's shareholders will vote on a proposed 12 million levs loan from investment and consultancy company BST-Bulgaria.

Zaharni Zavodi operates several production facilities, including a confectionery plant and a sugar refinery in the town of Gorna Oryahovitsa in northern Bulgaria.

Shares in Zaharni Zavodi last traded on the BaSE market of the Bulgarian Stock Exchange at 3.34 levs each.