You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

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)

Compare