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BELGRADE (Serbia), September 11 (SeeNews) - Serbian insolvent lender Beogradska Banka has acquired a 13.58% stake in the capital of furniture manufacturer Simpo [BEL:SMPO] in a debt-for-equity swap, Simpo said.
Beogradska Banka acquired 2.5 million shares in the company on July 2, Simpo said in a filing with the Belgrade Stock Exchange on Tuesday.
Simpo shares have been suspended from trading on the exchange since April 19 for the purpose of implementing changes to the issuer's share capital in accordance with the adopted capital restructuring plan, under a decision of the Commercial Court in Leskovac.
Under the terms of the capital restructuring plan, the debt of Simpo will be transformed into equity capital, Simpo said in April.
The company narrowed its loss to 1.583 billion dinars ($14.9 million/13.5 million euro) in 2018, from a 7.041 billion dinars loss in the previous year. The largest shareholder of Simpo at the end of last year was the Vranje city government with a stake of 23%.
The furniture maker had 5,496,438 shares of 1,801 dinars in par value each issued on the Belgrade Stock Exchange before the launch of the capital restructuring plan.
(1 euro = 117.602 dinars)