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KEG to raise capital again

Hungarian bottled gas company KEG said its board decided on July 6 to raise registered capital in a private placement of new shares via non-cash contribution. The capital increase will raise the registered capital by HUF 2.51 billion to HUF 5.99 billion.

Four companies will participate in the transaction: Phylaxia 1912 Holding will contribute HUF 1.076 billion, most of it in the form of shares of company named Visonka, while GYE-MA will contribute HUF 1.035 billion, exclusively in Visonka shares, Euro General will contribute HUF 328 million worth of its overdue receivables, including loans and N-JOY Media, KEG's current largest shareholder, will also contribute overdue receivables worth HUF 73 million.

The transaction will raise the share of N-JOY Media in KEG by 1.2% from 25.76% at present.

Phylaxia 1912 Holding, KEG's previous majority owner, will receive shares making up 17.97% of the company's total shares in addition to its existing 7.14% holding.

GYE-MA will acquire a 17.29% stake in KEG and Euro General will acquire 5.48%. (MTI-ECONEWS)