At a general meeting today shareholders in Sparky Eltos AD Lovetch approved a proposal for capital increase from 2 mln leva to 14 mln leva, BSE reports.

The increase will be carried out through the transformation of profit and reserves into capital through the issuance of 12 mln registered, paperless, voting shares with a face value of 1 lev.

Shareholders also decided not to allocate 2006 profit which is in the amount of 891 000 leva for dividend payments but to use it in the capital increase.

Some amendments to the company's management bodies were made – Stoyan Tsokov Spasov will replaceYordan Yovchev in the company's Supervisory Board.

The final date for transacting the shares of the company as a result of which the holder will be able to receive shares from the capital increase is 27 June 2007.

Sparky Bulgaria AD controls 79.52% of the capital. Sparky Eltos's core activity is the production of electrical tools.

1707 shares of Sparky Eltos changed hands today at 49.16 leva which makes the company's market capitalization stand at 98 mln leva.