New shares from the capital increase of Sparky Eltos AD Lovetch (

) will be floated on BSE Friday (17 August) the bourse reports.

The company increased capital from 2 mln leva (1.022 mln euros) to 14 mln leva (7.158 mln euros) by issuing 12 mln new shares, which were allocated among shareholders for free.

At its meeting, the Board of Directors of BSE Sofia has decided to move the emission from „Unofficial market of equities, segment A“ to „Official market of equities, segment B“.

As we already informed, Sparky Eltos AD is planning another capital increase through the issunace of 2 800 000 new, common, registered, paperless shares with a face value of 1 lev and issue value of 16 leva. The company will raise 44.8 mln leva (22.905 mln euros) in the IPO, if all shares are subscribed and paid.

The company will use the funds to finance its 4-year investment strategy which requires some 25 mln leva (12.782 mln euros). If Sparky Eltos's IPO raises the necessary amount of cash, the company will be able to complete the investment program within 15-18 months.

11,394 shares have changed hands on the position so far today on the BSE at an average of 20.12 leva/share, or 7% up from yesterday.