Business News

EUR 367M NLB Capital Hike to Be Stretched over Five Years

Ljubljana, 30 April (STA) - According to a call of the annual shareholders meeting of the state-owned NLB bank published in the daily Delo and on the web site of the Ljubljana Stock Exchange on Tuesday, the planned EUR 367m capital increase in the bank is to be carried out over a period of five years.

At the 11 June meeting, the management board will propose to increase the bank's share capital by up to EUR 367.2m through the issue of up to 44 million shares over a period of five years, the call of the AGM reads.

Investors will be able to buy new shares either with cash or with non-cash contributions. The non-cash contributions will not be subject to an audit.

With the supervisory board's approval, the management will decide on a complete or partial exclusion of the pre-emptive right of existing shareholders.

The bank said last week that coupled with several other measures, the capital increase should be enough for the bank to meet the central bank's demands regarding capital adequacy.

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