The shareholders of the coalmine and thermal power plant RiTE Ugljevik have approved a strategic plan to restructure the company’s share capital. This initiative aims to cover significant losses and establish legal reserves.
The company intends to reduce its capital from €130.8 million to €34.6 million to offset losses amounting to €92.8 million and create legal reserves of €3.5 million. Following this reduction, RiTE Ugljevik will issue 31 million new shares, each with a nominal value of €0.51. This move will increase the total capital to €50.4 million and assist in settling part of its arbitration obligations with the Slovenian company Elektrogospodarstvo.
The funds raised from the new share issuance are earmarked for addressing obligations stemming from the arbitration ruling, which will help lower the overall debt burden. This reduction in debt is expected to enhance the company’s financial capacity and creditworthiness.
Currently, RiTE Ugljevik’s capital is divided into 256,013,165 shares, each valued at €0.51. The last recorded trading price for its shares on the Banja Luka Stock Exchange was €0.007.
