LJUBLJANA (Slovenia), December 9 (SeeNews) – Slovenian insurer Triglav [LJE:ZVTG] said it plans to raise by 6.5 million euro ($8.6 million) the capital of its Montenegrin subsidiary Lovcen [MNG:LOVO].
No further details were available in a statement issued by Triglav earlier this week.
According to Lovcen’s nine-month financial report made available to the Montenegrin Securities Commission, Triglav held a 91.84% stake in its Montenegrin arm at the end of September, when Lovcen’s equity capital totalled 10.533 million euro.
The Montenegrin insurer turned to a net loss of 4.6 million euro in the first nine months of 2010 from a net profit of 139,035 euro a year ago.
Lovcen shares were last traded on the Montenegro Stock Exchange on October 12, closing down 0.66% at 149 euro.
($=0.7567 euro)
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