IH Bulgaria Increases Capital Through Share Conversion Into Bonds

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At their general meeting held on 1 June the shareholders of Industrial Holding Bulgaria AD decided to increase the company’s capital through the conversion of convertible bonds into shares, BSE announced.

The capital increase will be made via the conversion of up to 5,250,805 registered paperless convertible bonds into common, registered, paperless voting shares.

The bond conversion will be made in ratio 1/1 on the day of the bond credit maturity – 2 July 2007. Currently the holding’s capital amounts to 21 mln leva.

The holding’s managing board also set the period from 25 June 2007 until 28 June 2007 including, in which bondholders, who own paperless convertible bonds as of 22 June 2007 can subscribe shares from the company’s capital increase against converting their bonds.
The subscription of shares against conversion of bonds is made through the explicit written application, submitted at the investment broker’s address of management – CB Allianz Bulgaria AD, Sofia, 79 Knyaginya Maria Luiza Blvd.


The general meeting has assigned the company’s management to complete the procedure for subscription of shares against bonds to state for registry in Sofia City Court the exact amount of the capital increase and to indicate by name the bondholders, whose bonds have been converted into shares.

The last date for transacting convertible bonds (BSE code BIHLBL) of the company on the stock exchange, as a result of which the holder has the right to convert into shares, is 20 June 2007.

The meeting will also decide not to distribute dividends for 2006. Of last year’s profit amounting to 1,857,735 leva, 10% (185,773) will be allocated to the Reserve fund, and 90% (1,671,962) will be allocated as undistributed profit.

IH Bulgaria stock was traded at an average level of 8.04 leva/share Friday.

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