July 10 (SeeNews) - Croatian fertiliser producer Petrokemija [ZSE:PTKM-R-A] has said its shareholders approved a 450 million kuna ($71.4 million/60.8 million euro) capital hike through the conversion of claims into share capital.
The project was approved by the shareholders during their general meeting on July 9, Petrokemija said in a filing with the Zagreb Stock Exchange on Monday.
The claims will be transformed into share capital and used to cover the 242.6 million kuna loss recorded in 2017, the company said.
Following the capital hike, Petrokemija will carry out a reverse stock split to cut its capital by 392.6 million kuna.
Last week, Petrokemija said it appointed Deloitte to audit its share capital increase.
Following the transactions, Petrokemija's capital will amount to 100.3 million kuna.
The Croatian state controls a stake of 79.85% in Petrokemija.
(1 euro = 7.40852 kuna)