February 28 (SeeNews) - Bulgaria's Financial Supervision Commission said that it has approved the prospectus of local Elana Agricultural Land Fund REIT [BUL:6ST] for a capital increase via a new share issue.
Elana Agricultural Land Fund REIT will seek to raise 472,500 levs ($268,800/241,600 euro) by offering 50,000 shares for subscription at a price of 9.45 levs apiece, the regulator said in a statement on Thursday.
The capital increase will be considered successful if at least 40,000 shares are subscribed for and paid for.
The company currently has a registered capital of 650,000 levs.
Elana Agricultural Land Fund REIT shares last traded on the Bulgarian Stock Exchange at a price of 0.35 levs apiece.
Earlier this month, Elana Agricultural Land Fund REIT signed a preliminary deal to sell a property in Sofia to Elana Holding for 200,000 levs. The deal is expected to be finalised in the first quarter of the year.
(1 euro = 1.95583 levs)