The state-owned Kutina-based fertiliser producer Petrokemija on Monday issued a call for subscription for 40-45 million new shares, in a bid to raise some 450 million kuna (€60.6 million) of fresh capital.

The purpose of the re-capitalisation of the company is to raise funds for investments which would ensure and improve its core business, the restructuring plan, and the funding of day-to-day business activities, shareholders said at a meeting in July when the decision to increase equity was made.

Each investor may subscribe a minimum of one million new shares in the amount of 10 million kuna (€1.3 million), while the maximum amount is limited to 45 million shares in the amount of 450 million kuna.

The share subscription will take place on October 29-31.

A general shareholders meeting will be held on October 31 after the one scheduled for October 15 had failed to take place due to lack of quorum.

(€1 = 7.42 kuna)

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