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Oct 18, 2007 17:04 EEST
October 18 (SeeNews) - Serbian blue-chip soybean producer Sojaprotein Becej is seeking to raise 1.11 billion dinars ($20.2million/14.2million euro) in a capital increase, it said on Thursday.
“A total of 53,900 new shares will be issued at an issue price of 20,600 dinars each,” Sojaprotein said in a filing to the Belgrade Stock Exchange (BELEX).
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The new shares will be first offered to Sojaprotein shareholders on record as of November 2. Further details were not immediately available.
The new issue is part of the company's plans to raise up to 30 million euro ($42.9million) on the stock exchange to finance the construction of a new soy protein isolate factory. The factory is expected to increase the company's annual revenue by between 30 and 40 million euro and its profit by more than seven million euro.
The company has a nominal share capital of 2.5 billion dinars distributed into 1,078,000 shares.
Soy protein isolate is made from defatted soy meal by removing most of the fats and carbohydrates, yielding a product with 90% protein content. It is mainly used in the food industry.
Company stock closed at 21,446 dinars on Thursday, 0.18% down from the previous close in 24.4 million dinars turnover.
Sojaprotein posted 435.6 million dinars in net profit for the first half of the year. Comparative figures were unavailable.
(1 euro = 78.4383 Serbian dinars)
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