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Tuesday, 23.04.2024, 12:26
Latvijas Kugnieciba increases share capital to EUR 180 mln
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In line with
the shareholder meeting’s decision, the share capital of Latvijas Kugnieciba will be increased by EUR 120 million by issuing
400 million new B category registered shares in paper form with nominal value
of each share EUR 0.30.
As a result, the company’s share capital will grow to
EUR 180 million and consist of 200 million A category dematerialized bearer
shares, with the nominal value of EUR 0.30 per share, as well as 400 000 000
newly issued B category registered shares in printed form, with the nominal
value of EUR 0.30 per share.
The shareholders also authorized the Latvijas Kugnieciba management board to draw up and approve the prospectus of the share
issue and other documents necessary for the share issue. The shareholders
amended the company’s articles of association to adjust them to the planned
capital increase.
As reported, Latvijas Kugnieciba shareholder
at an extraordinary meeting on September 19 approved an increase of the
company’s share capital in principle.
The shareholders conceptually supported the share
capital increase by issuing new shares in the closed (non- public) share issue
with the aim to refinance shipping debt and instructed the Management Board in
cooperation with the Supervisory Council to prepare the documentation necessary
for the share capital increase.
At present the share capital of Latvijas Kugnieciba comprises 200 million shares with nominal value of EUR 0.3 per share.
As a result of the mandatory buy-out offer which
expired on August 15, the majority shareholder, Vitol Netherlands B.V. (Vitol), increased its stake in Latvijas Kugnieciba to 90.79%.
In the first half of this year, Latvijas Kugnieciba group reported a turnover of EUR 43.69 million, down 3% year-on-year,
and earned a profit of EUR 8.597 million as opposed to a loss during the same
period in 2016.
Latvijas Kugnieciba provides shipping services in all seas and oceans of the world,
trains and recruits crews, as well as provides technical ship management to its
own and ships owned by other companies.
Latvijas Kugnieciba is quoted on the Main List of the Nasdaq Riga stock exchange.
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