Bulgaria's Capman Green Energy Fund to seek 12 mln euro in cap hike for acquisitions

Bulgaria's Capman Green Energy Fund [BUL:C4P] said that it will seek to raise up to 23.4 million levs ($13.3 million/12.0 million euro) in a capital increase, in order to finance acquisitions of companies engaged in the construction or operation of renewable energy projects.

Capman Green Energy Fund will offer 17,336,6301 new shares for subscription at a price of 1.35 levs apiece, the company said on Tuesday in an invitation for a shareholders meeting.

If the issue is fully subscribed, Capman Green Energy Fund will increase its capital to 30.67 million levs from 13.34 million levs.

The capital increase will be considered successful if at least half of the offered shares are subscribed for and paid for.

Capman Green Energy Fund shareholders will vote on the proposal at a general meeting scheduled for June 24.

In December last year, Capman Green Energy Fund signed a deal to acquire 100% of Sevko Bulgaria from local diversified group Holding Nov Vek [BUL:6N3] for an undisclosed price. At the time, Capman Green Energy Fund said it intends to build a solar park on property owned by Sevko Bulgaria in the town of Sevlievo, in northern Bulgaria.

Subsequently, Sevko Bulgaria issued a 25 million levs bond and said that it is planning to invest the proceeds in the development of renewable energy projects and the acquisition of new land plots suitable for construction of photovoltaic parks and biomass plants.

(1 euro = 1.95583 levs)

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