PODGORICA (Montenegro), February 4 (SeeNews) – Montenegro’s largest insurer Lovcen [MNG:LOVO] has raised its capital to 17 million euro ($23 million) from 10.5 million euro through a new share issue, the Montenegro Stock Exchange said.
Lovcen, controlled by Slovenian insurer Triglav [LJE:ZVTG], has issued 125,000 new shares and offered them to its existing shareholders, the bourse said in a statement on Thursday.
Following the hike its equity capital is divided into 327,553 shares with a par value 52 euro each, the statement said, without providing additional details.
According to Lovcen’s nine-month financial report filed with the Montenegrin Securities Commission, Triglav held a 91.84% stake in its Montenegrin arm at the end of September, when Lovcen’s equity capital totalled 10.533 million euro.
The Montenegrin insurer turned to a net loss of 4.6 million euro in the first nine months of 2010 from a net profit of 139,035 euro a year earlier.
Lovcen shares were last traded on the Montenegro Stock Exchange on October 12, closing down 0.66% at 149 euro.
($=0.7338 euro)
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