Shareholders in Holding Roads approved a proposal fro capital increase from 432,000 leva to 30.67 mln leva (15.6 mln euro), a Profit.bg reporter informs.

The company will issue 30.24 mln new shares for the purpose, which means current shareholders will receive 70 new shares to each one they hold. Investors holding the stock no later than 14 days after the GN date will be entitled to new shares.

Apart from increasing capital (30.24 mln elva) the company will use 2007 profit to cover losses from prior periods (443,000 leva) and the remaining 630,000 leva will be added to reserves.

Shareholders also authorized the management to sign agreements in compliance with art. 114 of POSA for lending the asphalt mixer Asphalt GmbH the company bought from Vidapatstroy EAD to a subsidiary of the holding.

Holding Roads expects 2008 profit to reach 41.7 mln leva (21.3 mln euros) at consolidated sales of 202 mln leva (103 mln euros). The company projects revenues to reach 1 billion leva (511 mln euros) by 2010.

Investors holding 67.95% in the capital attended the meeting.

Shares are down 4.16% so far today on BSE and are currently at 937.10 leva.