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Sep 19, 2007 14:24 EEST
September 19 (SeeNews) - Generali Asigurari, the Romanian arm of Austrian insurer Generali Holding Vienna, said on Wednesday it has raised its capital by a nominal 70 million lei ($28.95 million/20.76 million euro) to 120 million lei.
Generali Asigurari has issued 700 million new shares with a face value of 0.1 lei each, the company said in a statement.
The aim of the hike is to help the company's development and diversification, Tudor Moldovan, company's general director said.
Generali Holding Vienna subscribed for 83.80% of the new issue and now owns a 83.78% stake in Generali Asigurari. Another big shareholder in the company is insurer Astra with a 16.027% stake.
Generali Asigurari raised its capital by 20 million lei to 50 million lei in February.
The company said in August its first-half gross premium income surged to 189 million lei, up 41% from a year earlier, driven by strong growth of its general insurance business.
(1 euro = 3.3719 Romanian lei)
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