January 18 (SeeNews) - Bulgarian real estate investment trust (REIT) InterCapital Property Development [BUL:4IC] will seek to raise 27.05 million levs ($18.5 million/13.8 million euro) in a capital hike, the company said.
The REIT will issue 9,017,214 new shares at 3.0 levs each, InterCapital Property Development said in a statement to the Bulgarian Stock Exchange late on Monday.
The shares have par value of 1.0 lev each.
The share issue plan was approved by the management board on Monday, the company said without providing a timeframe for the issue.
The new shares will be traded on the Bulgarian Stock Exchange (BSE) and on the Warsaw Stock Exchange (WSE). The capital hike will be considered successful if at least one new share is subscribed for, InterCapital Property Development added.
The REIT was listed on WSE’s alternative market NewConnect in August last year, the first Bulgarian company admitted for trading on the Polish stock market.
By 1000 GMT InterCapital Property Development (www.icpd.bg) shares gained 7.69% to 2.1 levs on the Sofia bourse whereas on the WSE it was trading 3.01% higher at 3.42 Polish zloty ($1.2/0.88 euro).
(1 euro=1.95583 Bulgarian levs)