Business News

EUR 2m Capital Increase at Peko Confirmed

Tržič, 09 May (STA) - The shareholders of majority state-owned footwear maker Peko confirmed on Thursday a plan for a capital hike worth EUR 2m which will be provided by the Croatian company Osimpex in accordance with a recent acquisition agreement with the Slovenian government.

Osimpex, a company specialising in metal wholesale, has until 20 May to pay up for the 858,239 newly issued shares, but the sales agreement with the state and two banks must be signed before that.

Peko will earmark the money to repay its due liabilities to the state, employees, banks and suppliers.

The money will also allow it to continue production, which has been hampered since the beginning of the year.

Peko actually had to convince suppliers at the end of April to deliver the materials necessary to complete the spring-summer collection, according to CEO Janez Sajovic.

The government and parliament endorsed the sale of Peko to Osimpex for EUR 2m at the end of April.

Osimpex has committed to preserve at least 280 of the total 380 jobs by 2017 and provide a total of EUR 12m in development funding over the next four years.

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