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Bulgartransgaz to hike capital by 179.5 mln euro

Author Mario Tanev
Bulgartransgaz to hike capital by 179.5 mln euro Author: Bulgartransgaz. License: All rights reserved

SOFIA (Bulgaria), October 11 (SeeNews) - Bulgarian state-owned gas transmission system operator Bulgartransgaz said that it it planning to increase its capital by 351 million levs ($198.4 million/179.5 million euro) to some 1.23 billion levs.

Bulgartransgaz will use undistributed profit from previous financial years to increase its capital, the company said in a statement on Thursday.

All documents concerning the capital increase have been filed with the registry agency but have not yet been entered into the commercial register.

Last month, Bulgartransgaz signed a 1.1 billion euro contract with Saudi-led consortium Arkad for the construction of an extension of Gazprom's TurkStream pipeline toward Serbia. Subsequently, Bulgartransgaz said it will seek a 150 million euro loan in order to finance the construction of the pipeline.

(1 euro = 1.95583 levs)