MIROLIO TO BOOST ITS CAPITAL
The textile company Mirolio Bulgaria AD, part of the Italian group Mirolio, is planning conditional raise of its capital by BGN49,999,995. This was revealed by an announcement for an extraordinary general assembly of the company which is to take place early next year in the Italian town Alba. The announcement appeared in the State Gazette. The huge capital increase will be carried out through an issue of 1,111,111 new registered shares, with nominal of BGN45 each. The shareholders' general assembly is to decide that these shares are written and bought out entirely by the main shareholder Mirolio SpA. Mirolio Bulgaria is the commercial arm of the company, established in 2001 after the merger of Gorgetti Bulgaria AD-Elin Pelin with Mirolio LANA AD - Sliven. The Sliven company then acquired all the assets and liabilities of Gorgetti Bulgaria.The merger was written in the trade register after the Commission on Protection of Competition ruled that the deal did not appear to be concentration of commercial activity. The main sharehodlers of the Sliven company were the Italy-registered Mirolio SpA, which holds 89.98% of the shares, and Simest SpA, which owns 65,200 shares or 10.02% of the capital. The same two firms were main shareholders of the Elin Pelin plant before it was merged with Mirolio LANA AD. This is the second capital increase undertaken by the company, part of the Italian textile company Mirolio. In May, 2002, the Sliven court registered issue of 2,222,220 shares with face value of BGN45 each which revised upward Mirolio Bulgaria's capital from BGN74,620,395 to BGN99,999,000. After the new issue is realized, the company's capital will reach BGN150MN - almost as much as the share value of the biggest Bulgarian bank BULBANK (BGN166MN).The popular textile group Mirolio is a family-owned company with 36 plants all over the world, 7 of which are located in Italy and the rest - abroad. The annual production of all the branches of Mirolio amounts to 12,000,000 ready-to-wear clothes and 110 million metres of cloth.The company's website informs that in 2001 the group had 6,900 employees. Mirolio started investing in Bulgaria in 1997 and now owns the textile plants in Sliven, Nova Zagora and Elin Pelin. Its plant in Sliven is the woollen textile company Mirolio LANA, previously known as Slitex. At first it was privatized through mass privatization and was owned by the ex-privatization fund Doverie. At the end of 1999 the plant was purchased by the Italians. Early this year the Italian group acquired 70% of the capital of the Interpred World Trade Centre from its previous owner - the Korean group Daewoo.