Greece's Jumbo to cut Bulgarian unit's capital by further 30.5 mln euro

Greece's Jumbo to cut Bulgarian unit's capital by further 30.5 mln euro

Greek toy retailer Jumbo has decided to decrease the registered capital of its Bulgarian unit - Jumbo EC.B, by 59.66 million levs ($33.5 million/30.5 million euro) to 101.92 million levs, according to Bulgarian commercial register data.Jumbo EC.B will transfer the 59.66 million levs to its parent company, the documents, entered into the commercial register last week, showed.The Bulgarian company does not need the funds to continue carrying out its operations, Jumbo has decided.This will be the third time the company has decreased its capital within just over a year, as it started 2019 with a registered capital of some 248.59 million levs.Jumbo's profit before taxes from operations in Bulgaria rose to 22.7 million euro in its fiscal year 2018-2019, ended June 30, 2019 from 21 million euro in its 2017-2018 fiscal year.The toy retailer entered the Bulgarian market in 2005 and currently has nine stores in the country - four in Sofia, and one each in the cities of Plovdiv, Varna, Burgas, Ruse and Stara Zagora. Outside Greece, Jumbo has stores in Bulgaria, Romania and Cyprus.(1 euro = 1.95583 levs)

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