July 24 (SeeNews) - Bulgarian real estate investment fund (REIT) ELARG Agricultural Land Opportunity Fund [BUL:4EC] said it proposed to its shareholders to sell 17,985 hectares of land to local Rompharm Company for a total of 89.9 million levs ($55.6 million/46 million euro).
The proposal will be voted on at a general shareholders’ meeting scheduled for September 3, ELARG said in a bourse filing on Monday.
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ELARG’s shareholders will also vote on the proposal to sell its wholly-owned subsidiary ELARG Wind to Sofia-based Agromanage for 10 million levs.
The sale of the company’s assets is part of the liquidation process that began in March and is planned to be completed within a year.
(1 euro = 1.95583 Bulgarian levs)