October 29 (SeeNews) - Croatian fertiliser producer Petrokemija [ZSE:PTKM-R-A] has invited investors to subscribe for its capital hike of up to 450 million kuna ($69 million/60.5 million euro) between October 29 and 31, it said on Monday.
An individual investor can subscribe and pay for a minimum of 1,000,000 new shares in the amount of 10 million kuna, the company said in a filing with the Zagreb Stock Exchange.
If the new issue is fully subscribed and paid for before October 31, the management board of Petrokemija is authorised to conclude the issue without waiting for the deadline to expire, the company said.
The transaction will be considered successful if at least 40,000,000 new shares are subscribed and paid for within the deadline, Petrokemija added.
On June 9, the shareholders of Petrokemija approved a capital hike of up to 450 million kuna through the conversion of claims into share capital. The claims will be transformed into share capital and used to cover the 242.6 million kuna loss recorded in 2017.
Following the capital hike, Petrokemija will carry out a reverse stock split to cut its capital by 392.6 million kuna to 100.3 million kuna.
The Croatian state controls a stake of 79.85% in Petrokemija.
(1 euro = 7.43365 kuna)