SOFIA (Bulgaria), September 1 (SeeNews) – Bulgarian real estate investment trust (REIT) Sopharma Properties [BUL:6S6] said on Monday it plans to raise 3.5 million levs ($3.4 million/1.8 million euro) through a rights issue, despite failing to get a regulatory nod for a fundraiser in July.
The company's board decided on September 1 that subject to an approval by the financial market regulator it will increase its capital by 7.9% to 16.94 million levs by issuing 1,228,070 voting shares with a par value of 1.0 lev and an issue price of 2.87 levs.
Sopharma Properties abandoned plans in July to raise its capital after a refusal by the financial regulator to approve its prospectus for the same number of shares with an issue price of 2.85 levs, or 0.02 levs lower than the current offer.
Existing shareholders have the right to subscribe for a unit of the new issue for each 12.79 shares they own. The capital hike will be considered successful if investors book orders for at least 614,035 shares, Sopharma Properties said.
Sopharma Properties is majority owned by local blue-chip drug maker Sopharma [BUL:3JR].
Sopharma Properties closed on Monday 3.3% higher at 3.099 levs in a volume of 2,287 shares on the Sofia stock exchange.
(1 euro = 1.95583 Bulgarian levs)