February 29 (SeeNews) - North Macedonia's power utility Elektrani na Severna Makedonija (ESM) said it will increase its capital by 572.5 million denars ($10.1 million/9.3 million euro) through a new share issue for the purpose of merging with fuel oil-fired power plant TEC Negotino.
The company intends to issue 572,495 new shares at a price of 1,000 denars apiece, equal to their nominal value, ESM said in a bourse filing on Wednesday.
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ESM's capital currently amounts to 31.8 billion denars, divided into 31,738,878 shares with a par value of 1,000 denars each.
ESM will absorb TEC Negotino into itself, it said.
In 2020, North Macedonia's then prime minister Zoran Zaev said that TEC Negotino will be either sold or converted to natural gas. TEC Negotino, which started operating in 1978, was restarted in 2021 to address increasing energy demand following a 12-year hiatus primarily attributed to high production costs.
(1 euro = 61.62 denars)