Банкеръ Weekly



The Management Board of the Armeets insurance company will make a decision for increasing its capital at its general meeting on September 30. The raise will be effected by an issue of new shares and after their marketing the insurer's capital will reach BGN5.2MN (up from the current BGN4.5MN).Within a month the present shareholders of Armeets - Chimimport (91.9%), the Ministry of Defence, and the companies connected with it - can acquire the new paper. In the words of the insurer's Executive Director Roumen Georgiev, the capital raise has been necessitated by the contract between Chimimport and the Privatisation Agency (PA), signed in July 2002. Under one of its clauses the majority buyer undertakes to effect certain investments each year. By purchasing its part of the capital increase Chimport will fulfill its commitments for 2003, Mr. Georgiev specified. The entire investment programme under the contract with the PA should be completed in 2005. At the general meeting of its sharehodlers on August 26 Chimimport's Management Board voted an increase of the company's capital from BGN10MN to BGN20MN.The capital raise of Armeets is a clever move with a view to the company's application for membership in the National Bureau of Bulgarian Automobile Insurers (NBBAI, Green Card Bureau). The latter's Management Board should gather by the end of next week and call a general meeting. According to NBBAI's articles of association, only the meeting is entitled to approve Armeets as member of the Green Card Bureau.

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