October 26 (SeeNews) - Croatia's financial watchdog HANFA has approved confectionery producer Kras' [ZSE:KRAS] plans to increase capital by up to 50 million kuna ($7.7 million/6.7 million euro), the company said in a filing to the Zagreb Stock Exchange on Thursday.
Kras said last month it plans a new share issue of 62,500 to 125,000 new shares with a nominal value of 400 kuna each.
In June, Kras said the capital hike is planned to take place in three rounds, if the target is not reached in the first round, respecting the right of priority of the shareholders.
The capital increase aims to maintain the company's leading position on the markets of the region and to increase its competitiveness in the EU. These objectives will require investments in production facilities and new acquisitions in the region, Kras said in June.
(1 euro = 7.43364 kuna)