Sparky Eltos To Increase Capital Again

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The Board of Directors of Saprky Eltos AD Lovech has decided to increase the company's capital through the issuance of up to 2 800 000 shares and their IPO, in order to ensure the successful implementation of the company's investment program, BSE reports.

The shares will be paperlsess, common, registered, voting, entitling to dividend and liquidating share in proportion to their face value.

The board of directors has assigned the executive director the task to issue a detailed report in which to suggest the term and parameters for transferring the rights which will be issued to the already existing shares. The report must also contain information about the deadline and conditions for subscribing new shares, their issue value, their payment deadline and methods, as well as a list of the intermediaries and banks authorized to carry out the IPO. The report must be ready in two months.

We remind that Sparky Eltos already increased capital once, transforming 2006 profit and reserves via the issuance of 12 mln shares.

The new shares were allocated among investors in proportion to their interest in the capital prior to its increase. Shareholders received 6 new shares for each one of the shares they owned. The new shares have not been floated for trade on the BSE yet. The company will now increase capital form 2 mln leva (1.022 mln euros) to 14 mln leva (7.158 mln euros).

Sparky Bulgaria controls 79.52% of the capital of the electrical goods manufacturer.

935 shares of Sparky Eltos have changed hands at 10.49 leva so far today.

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