December 3 (SeeNews) - Majority Greek-owned sanitary products maker Septona Bulgaria said on Thursday it is seeking 7.2 million levs ($5.6 million/3.7 million euro) in a capital increase to repay debt and develop its products.
The company plans to issue 1,391,250 shares with a par value of 1.0 lev each and an issue price of 5.2 levs, it said in a statement.
The capital hike will be considered successful if at least half of the new shares are subscribed for. Septona Bulgaria's current capital comprises 1,233,650 stocks with a par value of 1.0 lev each.
Greece’s Septona holds an 87.97% stake in its Bulgarian subsidiary, which is based in the Danube port city of Ruse. Septona Bulgaria had a net profit of 918,000 levs in the first nine months of 2009, up 95% on the year.
No shares in Septona Bulgaria have traded since January when the company was listed on the Bulgarian Stock Exchange.
(1 euro = 1.95583 Bulgarian levs)