Bulgaria's Favorit Hold to Seek to Raise 2 Mln Euro in Cap Hike
Bulgarian diversified group Favorit Hold said that its management board has decided to launch a capital increase, aiming to raise up to 3.9 million levs ($2.3 million/2.0 million euro) via the issuance of up to 785,641 new ordinary shares. Favorit Hold intends to use the proceeds to repay outstanding liabilities, the company said in a statement on Wednesday. The new shares, which carry a nominal value of 1 lev each, will be offered for subscription at a price of 5 levs apiece. Favorit Hold shares last traded on the Bulgarian Stock Exchange at a price of 2.0 levs apiece. The capital increase will be considered successful if at least 250,000 shares are subscribed for and paid for. If the new issue is fully subscribed, Favorit Hold will grow its registered capital to 3.14 million levs from 2.36 million levs currently.