Sparky Eltos AD Lovetch (

) accumulated revenues in the amount of 39.054 mln leva (19.967 mln euros) in the first eight months of the year. Its profit stood at 4.96 mln leva (2.536 mln euros), a company notice to BSE reveals.

The company is planning a capital increase by issuing 2.8 mln new registered, common, paperless shares with a face value of 1 lev and issue value of 16 leva. If all shares are subscribed and paid the comoany will raise 44.8 mln leva (22.905 mln euros).

Sparky Eltos will use the funds to invest in modernization of its production, improving production capacities, in the introduction of a new line of professional tools, modernization of the foundry for magnesium, aluminium and other alloys, environmental sustainability, and reducing the company's leverage.

The company will also use the funds to finance its 4-year investment program for enhancing production capacities, which requires some 25 mln leva (12.782 mln euros). If Sparky manages to generate the necessary amount of money, it will be able to implement the program in 15-18 months.

The capital will be increased on condition that at least 2.28 mln shares are subscribed and paid.
799 shares changed hands yesterday at prices between 17.90 and 18 leva.