December 23 (SeeNews) - Bulgarian real estate investment trust Sopharma Buildings REIT [BUL: SFB] decided to increase its equity capital through a new share issue to some 3.9 million levs ($2.12 million/1.99 million euro), from 649,990 levs, it said.
The company's board gave the green light to the issuance of up to 3,249,950 new voting shares of 1 lev in par value each priced at 1.86 levs apiece on the BaSE market of the Bulgarian Stock Exchange, Sopharma Buildings said in a bourse filing on Thursday.
The capital increase will be considered successful if no fewer than 1.6 million new shares are subscribed for.
Current shareholders and those who purchase existing shares within five days of the capital hike notice being published on the BaSE market will receive rights to subscribe for new shares, with each right corresponding to five new shares.
The planned capital increase is subject to approval by the Financial Supervision Commission.
As of the end of September, local blue-chip drug maker Sopharma held a 10.25% stake in Sopharma Buildings REIT, according to the company's website. Sopharma CEO Ognyan Donev held 19.95% and Donev Investments, of which he is the majority owner, had a 9.96% stake in the company.
Shares in Sopharma Buildings last traded at 7.60 levs on the BaSE market of the Bulgarian Stock Exchange.