May 22 (SeeNews) - Croatian blue-chip distributor of fast-moving consumer goods Atlantic Grupa [ZSE:ATGR] is proposing to its shareholders to increase the company’s capital by almost 89 million euro, using funding from the company's share premium funds.
The increase is needed in order to align the share capital with the Companies Act following the introduction of the euro in Croatia, Atlantic Grupa said in a filing to the Zagreb bourse last week.
Currently, the company's capital amounts to 133.372 million kuna ($19.2 million/17.7 million euro) divided into 13,337,200 ordinary registered shares with a nominal value of 10 kuna apiece.
After conversion into euro and adjustment with legal provisions, the company’s share capital will amount to 106.697 million euro and will be divided into 13,337,200 ordinary registered shares, each with a nominal value of 8.00 euro.
The number of company shares remains unchanged. With the increase of the share capital, the relations between shareholders remain unchanged, so that each shareholder entitled to shares with an increased nominal value in proportion to their previous participation in the company's share capital
The shareholders will vote on the proposal on June 29.
Croatia adopted the euro on January 1.
Atlantic Grupa’s shares traded flat at 50 euro intraday on Monday on the Zagreb bourse.
($ = 0.924 euro)