N. Macedonia's Liberty cuts share capital to cover losses

In the procedure, the nominal value of Liberty's shares was reduced to 1.10 euro ($1.18) from 5.11 euro each, the company said in a bourse filing.

Liberty's shareholders in May approved a plan to decrease the company's equity capital by 132.1 million euro to 36.2 million euro to cover accumulated losses.

The company's equity capital is divided into 32,950,713 shares.

Liberty recorded a net loss of 944.6 million denars ($16.4 million/15.3 million euro) in 2022 after booking a net profit of 780.6 million denars a year earlier.

Liberty produces cold-rolled coils and sheets, galvanized and pre-painted coils, mainly for the general industry segment on the regional market. Liberty House Group acquired the Skopje-based company from Luxembourg-based steel producer ArcelorMittal in July 2019.

The company's shares last traded on the Macedonian Stock Exchange (MSE) on July 13, when they switched hands at an average price of 46 denars.

($ = 0.936085 euro)