SOFIA (Bulgaria), August 1 (SeeNews) – Bulgarian real estate investment trust (REIT) Sopharma Properties [BUL:6S6] said on Monday it will seek to raise some 5.5 million levs ($3.1 million/2.8 million euro) via a share capital increase on the Sofia bourse to refinance debt.
The company is offering existing shareholders to subscribe for one new share for every 15.5 shares already held in the company at an issue price of 4.70 levs per share, it said in a bourse filing.
The raised funds will be used to partially repay a debt related to the construction of its Sopharma Business Towers office building in Sofia.
The share capital increase will be carried out only if at least 585,000 shares are subscribed for.
The par value of the new shares will be 1.0 lev apiece, so the company's nominal share capital will be increased from 18.1 million levs to up to 19.3 million levs.
Sopharma Properties is majority owned by local blue-chip drug maker Sopharma [BUL:3JR].
(1 euro=1.95583 levs)