June 20 (SeeNews) - The Lovech district court said that it has overturned the registry agency's decision to decline to enter Bulgarian fuel retailer Petrol's [BUL:5PET] capital decrease into the commercial register.
The court has ruled that the registry agency should reconsider Petrol's request and inform the company of any missing documents that have to be presented so that the capital decrease can be entered into the commercial register, according to the court ruling.
As at 14:25 CET on Thursday, Petrol was the biggest gainer on the Bulgarian Stock Exchange, trading 5.26% higher at 0.8 levs.
In February, Petrol's shareholders approved a proposal to reduce the company's capital by three quarters to 27.3 million levs ($15.8 million/14 million euro) in order to cover accumulated losses.
The proposal was supported by 90.19% of the shareholders present at the meeting, namely Julinor, Trans Express Oil, Perfeto Consulting and VIP Properties. Corporate Commercial Bank and private individual Mitko Sabev voted against.
Holders of 57.28% of Petrol's total registered share capital attended the February meeting. The fuel retailer needed the approval of three quarters of the represented capital to pass the capital reduction.
According to Petrol's unaudited annual financial report, the company ended 2018 with a non-consolidated accumulated loss of 100.3 million levs.
(1 euro = 1.95583 levs)