Technomarket Bulgaria raises capital to 5.8 mln euro

Technomarket Bulgaria raised its capital by 7.0 million levs on December 16 and by another 2.7 million levs in October, according to data from the country's commercial register data.

Local business newspaper Capital Daily reported on Tuesday that following the capital hikes businessman Edoardo Miroglio indirectly holds half of the shares of Technopolis via his Bulgaria-based textile company E.Miroglio and his son Franco Miroglio.

Franco Miroglio has already joined Technomarket's board of directors, according to trade registry data.

Capital Daily quotes one of the other owners of the company, Nikolay Kitov, as saying that Technopolis will use the proceeds from the capital hike for business expansion and upgrades.

Technomarket operates 60 stores throughout Bulgaria.

Edoardo Miroglio merged his largest company Luxemburg Holding with his company in Bulgaria, E.Miroglio. Since then its headquarters have been moved to Sliven, in southeastern Bulgaria.

(1 euro = 1.95583 Bulgarian levs)