July 4 (SeeNews) - Bulgaria's Park REIT [BUL:4PK] said that its shareholders have rejected a proposal by the company’s management to empower the board of directors to take decisions for a capital increase or bond issue.
The company’s board sought authorisation to be able to increase the company’s capital by up to 20 million levs ($11.5 million/10.2 million euro) and to place bonds worth 20 million levs within the next five years, the minutes from Park REIT’s shareholders meeting, published on Monday, showed.
Last month, Sigma Property cut its stake in Park REIT to 32.86% from 56.94%. At the same time, local Leasing Finance acquired a 23.66% stake in Park REIT.
In March, Bulgaria's Financial Supervision Commission banned Sigma Property's planned buyout offer for a 37.89% stake in Park REIT at a price of 0.615 levs ($0.356/0.314 euro) per share.
Sigma Property acquired a 60.12% stake in Park REIT in December 2018, growing its stake to 62.11% at the time.
(1 euro = 1.95583 levs)