September 29 (SeeNews) - North Macedonia's Securities and Exchange Commission (SEC) said on Wednesday it gave the green light to non-life insurer Halk Osiguruvanje owned by Halk Banka, the local arm of Turkish state-owned lender Halkbank [IST:HALKB], to increase its capital by 3 million euro ($3.5 million) through a new share issue.
Halk Osiguruvanje will issue 300,000 ordinary shares at a price of 10 euro each, equal to their nominal value, the SEC said in a statement.
The newly issued shares will be purchased by Halk Banka.
Halk Osiguruvanje is issuing the new shares to strengthen its capital and comply with regulations under the law on insurance supervision, the SEC said.
The insurance company was established in 2007. It has been fully owned by Halk Banka since January 2019.
($ = 0.8587 euro)
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