May 23 (SeeNews) - Bulgaria's Municipal Bank said that it is seeking the approval of its shareholders to increase its capital by 8 million levs ($4.6 million/4.1 million euro) to 69.36 million levs via a new share issue.
Municipal Bank intends to offer 800,000 new shares at a price of 10 levs apiece, equal to their nominal value, the lender said on Tuesday in an invitation for a shareholders meeting.
All new shares will be subscribed for by Liechtenstein-based Novito Opportunities Fund, which acquired a 67.65% stake in Municipal Bank from Sofia municipality last year.
The bank's shareholders will vote on the proposal on June 21.
According to the same document, Municipal Bank pocketed net profit of 6.9 million levs in 2018.
Municipal Bank was Bulgaria's 13th largest lender by assets at the end of March, according to central bank data.
(1 euro = 1.95583 levs)
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