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.
Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Macedonias 2013 tobacco crop expected to exceed 30,000 tonnes.

Macedonias tobacco crop is expected to increase by 20% to over 30,000 tonnes in 2013, Utrinski vesnik daily reported quoting Danco Mileski, president of the countrys tobacco association. The ... more

Macedonia cancels tender for gas distribution network feasibility study.

The transport ministry has cancelled the tender for preparing a feasibility study for developing the countrys natural gas distribution network, build.mk portal reported. Reportedly, two bids were ... more

Komercijalna Banka wins Global Finance award Best Bank in Macedonia for 2013.

Large-sized commercial bank Komercijalna Banka announced that it has won the award Best Bank in Macedonia for 2013 by the magazine Global Finance. The Macedonian bank wins the award for a 10th ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    8 days ago
  2. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  3. Don't mention the "D" word - Ukraine
    5 days ago
  4. The 'wet-bulb' set to kill hundreds of thousands of people if temperatures and humidity levels continue to rise
    3 days ago
  5. Europe unlikely to tackle Russian LNG imports anytime soon
    2 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    26 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    30 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    28 days ago
  5. Saudi Arabia to scale back plans for Neom city
    15 days ago

Reports

Dismiss