Allterco JSCo / Key word(s): Corporate Action/Capital Increase
14-March-2022 / 17:30 CET/CEST
Publication of inside information according to Article 17 MAR
Allterco JSCo resolves capital increase at subsidiary Allterco Robotics EOOD to finance growth
Sofia / Munich, 14 March 2022 – The Board of Directors of Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, has today resolved to increase the capital of its wholly-owned subsidiary Allterco Robotics EOOD. In view of strongly increased demand for the company’s products following hiked energy prices, the capital increase at Allterco Robotics EOOD is intended to accelerate the development of new products and expand production capacity and market entries, as well as the activities of the R&D department.
The share capital of Allterco Robotics EOOD shall be increased from currently BGN 1,500,000.00 (EUR 766,937.82) by BGN 5,500,000.00 (EUR 2,812,105.34) to BGN 7,000,000 (EUR 3,579,034.16) by issuing 5,500,000 new shares with a nominal value of BGN 1.00 each. Allterco subscribes to all new shares. The capital increase will be implemented exclusively from company funds of Allterco.
In the current financial year, Allterco Robotics EOOD intends to invest in the development of new innovative products for home and office automation, as well as in the expansion of the product line of professional devices for electricians and integrators for the complete construction of new homes, smart factories and smart cities. The capacity of the R&D department will be increased to meet the growing sales demands and the needs of the manufacturing for the integration of technology developed by Allterco Robotics EOOD. In addition, the compatibility of the equipment is to be expanded, destined for the markets in Australia, England and the United States.
The capital increase falls within the regular scope of business of Allterco and is below the threshold under Art. 114, para. 1, item 4 Public Offering of Securities Act. The capital increase is subject to registration in the Commercial Register by the Register Agency.
* EUR/BGN exchange rate as of 14 March 2022 – EUR 1 = BGN 1.95583
For further information, please visit allterco.com.
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