SOFIA (Bulgaria), June 29 (SeeNews) - Bulgarian real estate investment company Stock Plus [BUL:STKP] will cut its capital by buying back and then cancelling a portion of its own shares.
Stock Plus will repurchase and cancel some 1.92 million of its shares, the company said in a statement on Monday.
The purchasing price has been set at 1.50 levs ($0.80/0.76 euro) per share, which is a premium of nearly 14% on the volume-weighted average price of 1.32 levs in the last six months as stipulated by the rules of the Bulgarian Stock Exchange (BSE).
The shareholders of Stock Plus gave the green light to the transaction in April. The company's equity capital currently consists of some 4.81 million shares of 1 lev in par value each.
Stock Plus owns real estate in the regions of Sofia, Plovdiv and Veliko Tarnovo, and is active in the purchase, sale and exchange of land and properties as well as rental and real estate management.
(1 euro = 1.95583 levs)