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Sep 21, 2009 19:42 EEST
September 21 (SeeNews) - Slovenia's largest food retailer, Mercator, said on Monday it has initiated preliminary proceedings to raise its capital by up to 20% in a bid to secure financial resources for possible investment opportunities in the region.
Through a new offering of equity, the managing board looks to secure normal progress of the planned development policies while taking advantage of the investment opportunities in the region, which started to crop up as a result of the changes in economic conditions, Mercator said in a filing with the Ljubljana Stock Exchange (LJSE).
The changes in economic conditions in the southeast European region have opened up new opportunities for strategic combinations in the field of trade, real estate, and other activities, the statement said.
The company's share capital as at June 30, 2009, totalled 157,128,514 euro divided into 3,765,361 shares, data from Mercator's 2009 first-half financial statement indicated.
Outside Slovenia, parent group Mercator (www.mercator.si) is present in Serbia, Croatia, Bulgaria, Montenegro and Bosnia. The group has announced plans to enter Albania by the end of 2009 and to also set foot on the markets in Macedonia and Kosovo.
Mercator shares, part of LJSE's blue-chip index, closed down 0.22% at an average price of 179.26 euro ($263.1) on Monday.
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