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Phylaxia 1912 Holding board to propose capital reduction

The board of veterinary drugs maker Phylaxia 1912 Holding will propose to shareholders at an annual general meeting on April 18 reducing registered capital by HUF 7.66 billion to bring the figure under net assets, the proposals for the AGM show.

The reduction is to take place by reducing the nominal value of shares from HUF 200 to HUF 25 apiece.

Phylaxia 1912 Holding's balance sheet shows registered capital of HUF 8.75 billion and net assets of HUF 7.16 billion at the end of 2010.

The board will also ask shareholders for a mandate to raise registered capital to at most HUF 20 billion over five years.

Phylaxia 1912 Holding had consolidated losses of HUF 642 million in 2010, according to Hungarian Accounting Standards.