Regulator permits debt-to-equity swap at Macedonian cigarette maker TKP.

By bne IntelliNews October 16, 2012
Macedonias securities commission said it has given the green light to a new share issue by majority state-owned company Tutunski Kombinat Prilep (TKP), which is active in tobacco processing and cigarette manufacturing. Totally 637,778 new ordinary shares with a unit par value of EUR 51.13 will be issued and swapped at par for company debts owed to the state. Thus, the total value of the swap is EUR 32.6mn. Following the procedure, the companys capital will comprise 2,482,223 shares, including 1,973,173 ordinary shares held by the Macedonian government. The shareholders assembly of TKP approved the debt-to-equity swap on Aug 25. The net loss of TKP decreased by 73.2% y/y to MKD 58.6mn (EUR 0.95mn) in H1. The companys sales revenues jumped 2.8 times y/y to MKD 767.3mn in the first half of this year. Notably, this year TKP reported export sales of MKD 45.4mn. In addition, the companys operating loss narrowed by 81.5% on the year to MKD 35.4mn in H1. At end-June, TKPs total assets stood at MKD 8.35bn, and the equity amounted to negative MKD 1.11bn.
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