March 17 (SeeNews) - Bulgarian real estate investment trust (REIT) Balkan and Sea Properties [BUL:BSP] will seek the consent of its shareholders to increase its capital to up to 30 million levs ($16.25 million/15.34 million euro) and issue bonds worth up to 70 million levs, it said.
Over a five-year period, the company intends to increase its capital by issuing new common or preferred shares and also intends to issue bonds denominated in levs, euro or other currency, the parameters of which will be determined by its board, Balkan and Sea Properties said in a bourse filing on Thursday.
The proposals which aim to provide liquidity for the company's business activities and support its investment projects will be voted upon at an extraordinary general meeting of shareholders on April 18.
Balkan and Sea Properties is currently in the process of increasing its equity capital from 6.93 million levs to 8.23 million levs, in which it is offering 1.3 million new shares at 21.50 levs each. Earlier this week, the company said that it has decided to extend the share subscription deadline to May 12.
Shares in Balkan and Sea Properties last traded at 22.00 levs on the BaSE market of the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)