July 1 (SeeNews) - Bulgaria's Intercapital Property Development REIT [BUL:4IC] said on Wednesday that local Invest Fund Management has decreased its indirect shareholding in the company.
Currently, Invest Fund Management controls 19.71% in the capital of Intercapital Property Development REIT, through two of the funds it manages - Invest Active and Invest Classic, down from 21.70% held previously, the REIT said in a bourse filing.
Invest Fund Management's indirect shareholding decreased after Invest Active cut its stake in Intercapital Property Development REIT to 10.82% from 12.81%.
Invest Classic's interest in the company is unchanged at 8.89%, Intercapital Property Development REIT also said.
Last week, Bulgaria's Financial Supervision Commission said that it has asked local Intercapital Property Development REIT to provide additional documents and information regarding its request for approval of a capital increase prospectus. The regulator asked the REIT for corrections for a second time, after it also did so in May.
Intercapital Property Development REIT is planning to offer for subscription 24,045,904 shares at a price of 1 lev ($0.56/0.51 euro) each, the company said in April. The funds will be used for the reconstruction and expansion of the company's investment property in the town of Aheloy, on Bulgaria's Black Sea coast.
Intercapital Property Development REIT shares last traded on the Bulgarian Stock Exchange on June 24 at 0.21 levs.
(1 euro = 1.95583 levs)