TIC Saedinenie To Hike Capital with Own Funding

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TIC Saedinenie To Hike Capital with Own Funding

Technologies and Innovations Corporation Saedinenie (TIC Saedinenie) will raise its capital from 3 mln leva (1.53 mln euros) to 12 mln leva (6.13 mln euros), the shareholders of the company decided at a general meeting.

The capital hike will be carried out through the conversion of part of the company's profit for 2007 into capital. The shareholders of the company will receive 3 new shares for each existing share.

A total of 855,000 leva (437,150 euros) of the company's profit for 2007 will be allocated to the Reserves Fund, the shareholders decided.

The last date for acquiring stock in TIC Saedinenie, which will enable the shareholders to take part in the capital raise, was set for July 9, 2008.

A total of 662 shares in the company traded hands today at prices ranging between 2.44 and 3.00 leva apiece. The stock depreciated by 18.53%.

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