Shareholders in Drujba Staklarski Zavodi Discuss a 1:7 Split

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Shareholders in Drujba Staklarski Zavodi Discuss a 1:7 Split

Drujba Staklarski Zavodi () will seek shareholders' approval for a capital increase using own funds from 6,689,562 leva (3.42 mln euros) to 53,516,496 leva (27.362 mln euros) via issue of 46,826,934 new common paperless registered voting shares with a face value of 1 lev, the company states in a corporate notice to BSE. This is one of the issues on the agenda of an extraordinary meeting of shareholders scheduled March 26.

Investors holding the stock on the 14th day after the GM date will be entitled to receive new shares issued in the capital increase. Investors will get 7 new shares to each one they hold. United Bulgarian Bank will be appointed as underwriter of the issue.

Shareholders will also vote a proposal to authorize the Board of directors to be able to adopt (unanimously) decisions to increase capital to up to 200 mln leva (102.258 mln euros) in the following 5 years and to issue bonds of up to 200 mln leva in value.

Investors holding the stock on March 12 (14 days prior to the GM date) will be entitled to vote at the general meeting. That means the final date for transacting the stock as a result of which the holder will be able to vote at the GM is March 10.

Drujba Staklarski Zavodi's net profit 2007 stood at 28.07 mln leva, 14.351 mln euros (4.20 leva/share), the company's report filed with BSE states.

In 2006 the company posted earnings in the amount of 24.027 mln leva (12.284 mln euros), or 3.59 leva/share.

Net sales revenues rose 17.32% to 198.834 mln leva (101.662 mln euros) last year.

There were no transactions involving the stock on BSE today. 52 shares changed hands on Friday at 120.69 leva each.

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