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Dec 21, 2022 16:57 EEST
December 21 (SeeNews) - Bulgarian sugar and confectionery producer Zaharni Zavodi [BUL:ZHZA] said on Wednesday that its management and supervisory boards have decided to raise the company's capital to 12.2 million levs ($6.61 million/6.2 million euro) from 11.1 million levs through the conversion of bonds into shares.
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.
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