Top Lithuanian knitwear manufacturer Utenos Trikotazas is to increase its share capital to 49.5 million litas from 23.2m litas ($5.8m).

According to a spokesman for Utenos Trikotazas' largest single shareholder, SBA Group, 26.2 million registered shares are to be issued to existing shareholders.

Voting will take place on the capital increase - which will be raised using capital reserves and retained profits from 2000 - during the shareholders' annual general meeting on December 17.

Utenos Trikotazas has forecast a net profit of 11.2m litas for the full year 2001, after posting an unaudited net profit of 9.75m litas for the first nine months.

Company shareholders include the SBA Group, which owns 31.7 per cent of Utenos shares, and the European Bank for Reconstruction and Development, which owns 29.3 per cent.