SOFIA (Bulgaria), August 15 (SeeNews) - Bulgarian private equity fund Advance Equity Holding said on Wednesday it would seek 26 million levs ($18 million/13.3 million euro) in a capital hike to fund investments.
The company, whose existing share capital is 12 million levs, said it will issue some 24 million shares with a par value of 1.0 lev at an issue price of 1.08 levs in the second week of September.
"The funds from the capital increase will go to finance new investment projects and to support investment plans of the company's firms," chief executive officer Ventseslav Petrov said in a statement.
Petrov said the fund is currently working on two new projects in the telecommunications sector and at least one of them will be carried out by the end of the year. Close to half of the new money will be earmarked for extra financing of the fund's existing subsidiaries.
"[Renewable energy company] Energy Invest has started the construction of a second wind park, [real estate developer] Project Estate is developing its pilot project for a big trade centre and [mobile phone-based payment solution company] SEP Bulgaria will need significant resources for the launch of its commercial operations due early next year," Petrov added.
Advance Equity Holding, which is part of local financial group Karoll, is the first Bulgarian-owned private equity fund. It has stakes in six companies, also including energy efficiency company Energy Effect, agricultural company Agro Terra North and gas supplier Enesy. The fund, set up in 2006 with a capital of 2.0 million levs, held an initial public offering on the Bulgarian Stock exchange (BSE) in the middle of last year and raised its capital by 10 million levs.
Shares in Advance Equity Holding lost 1.26% to an average price of 1.091 levs on volume of some 450 shares on the Bulgarian Stock exchange on Wednesday.
(1 euro = 1.95583 Bulgarian levs)
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