May 5 (SeeNews) - Bulgarian real estate investment trust (REIT) Balkan and Sea Properties [BUL:BSP] said that it was authorised by its shareholders to increase its capital to up to 30 million levs ($17 million/15.3 million euro) and issue bonds worth up to 70 million levs.
Shareholders approved changes in the corporate statutes at an extraordinary general meeting held on May 4, aiming to provide liquidity for the company's business activities and support its investment projects, the REIT said in a bourse filing on Thursday.
Over five years, Balkan and Sea Properties will be able to raise its capital by issuing new common or preferred shares and to issue bonds denominated in levs, euro or other currencies, the parameters of which will be determined by its board.
The company is in the process of increasing its equity capital from 6.93 million levs to 8.23 million levs by offering 1.3 million new shares at 21.50 levs each. In March, the REIT extended the share subscription deadline to May 12.
Shares in Balkan and Sea Properties last traded on April 28 when they closed at 22.00 levs on the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)