January 24 (SeeNews) - North Macedonia's Securities and Exchange Commission (SEC) said it gave the green light to non-life insurer Croatia Osiguruvanje - Nezivot, a local unit of Croatia Osiguranje [ZSE:CROS], to increase its capital by 2.5 million euro ($2.7 million) through a new share issue.
Croatia Osiguruvanje - Nezivot will issue 25,000 ordinary shares at a price of 100 euro each, equal to their nominal value, the SEC said in a statement on Monday.
The newly issued shares will be purchased by life insurer Croatia Osiguruvanje - Zivot, Croatia Osiguranje's other unit in North Macedonia.
Croatia Osiguruvanje - Nezivot is issuing the new shares to strengthen its capital and comply with regulations under the law on insurance supervision, the SEC said.
($ = 0.9183 euro)