Chimimport plans to raise its capital through the issuing of up to 50 million new shares, x3news reported.

The issue price and the number of the shares to be issued will be determined by the management board of the company and will be approved by the supervisory board. The total value of the issue is expected to amount to 200 mln leva, preliminary estimates show.

Chimimport will used the proceeds raised from the capital increase to fund the investments and the operations of the companies within the group.

The capital of the company currently amounts to 150 mln leva. Chimimport hiked its capital from 130 mln leva to 150 mln leva in 2007, by raising 220 mln leva from the market at a price 11 leva per share.

The subscription of the new shares and trade in the rights is expected to kick off on the Bulgarian Stock Exchange (BSE) by the end of 2008, after the Financial Supervision Commission approves the prospectus of the company.

A total of 80 026 shares in the company changed hands on BSE yesterday. The stock depreciated by 4.28%, to 3.69 leva per share.