November 15 (SeeNews) - Croatian confectionery producer Kras [ZSE:KRAS] plans to sell up to 125,000 new shares at a price of 405 kuna ($61.7/54.5 euro) apiece as part of its capital hike aimed at ensuring financing for investments, the company said on Thursday.
The capital hike will be considered successful if the company gets at least 62,500 new shares at a nominal value of 400 kuna apiece subscribed by investors, Kras said in a filing with the Zagreb Stock Exchange.
Croatia's financial watchdog HANFA approved Kras' plans to increase capital by up to 50 million kuna ($7.7 million/6.7 million euro) last month, the company said.
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 = 7.4254 kuna)