Allterco plans a 20% increase of its share capital (NEUTRAL)

The company announced its intentions to start a capital raise procedure next year. The plan is to increase the capital to 18m by issuing 3m (20% of the current capital) new ordinary shares with nominal value BGN 1.00. The purpose of the capital raise is to increase the technical capacity of the currently operating entities of the group, to expand the distribution network, to insure working capital for maintaining the storage facilities in USA and Hong Kong as well as other activities that will be described in the prospectus for the event. Further details are to be cleared and announced in the prospectus of the public offer. The latter is expected to be rendered for approval by the FSC at the beginning of 2020.