Croatia's Varteks shareholders approve plan for up to 50% capital hike

The shareholders approved the decision at their September 10 meeting, saying the new shares should be issued within three years, Varteks said in a Zagreb bourse filing earlier this week.

Varteks' issued share capital totals 41.1 million kuna ($6.1 million/5.6 million euro) distributed in 4,106,686 shares, the company said.

The company's shares last traded on Tuesday, closing 1.06% lower at 18.60 kuna.

Varteks, Croatia’s leading garment manufacturing and sales company, was founded in 1918. Its own brands include Phillipe Vartin, Luis Fabre, Edora, Focus, Varteks International, and Di Caprio.

(1 euro = 7.39486 kuna)