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Feb 16, 2023 14:58 EEST
February 16 (SeeNews) - Bulgarian real estate investment trust Sopharma Buildings REIT [BUL:SFB] said it will begin issuing rights for its planned capital increase, with each right held allowing the subscription of five new voting shares in the company as of February 20.
Some 649,990 rights will be issued to investors that hold or have acquired shares no later than five working days from February 15, Sopharma Buildings said in a bourse filing on Wednesday. The company will offer 3,249,950 voting shares of 1 lev in par value each at a price of 1.86 levs apiece in the capital hike process.
Starting February 20, shareholders will be able to transfer rights until March 7. The rights will be traded on the Bulgarian Stock Exchange up to March 2, with investors able to subscribe the new shares until March 15.
The capital hike will be deemed successful if at least 1,624,975 of the shares are subscribed. If all offered shares are subscribed, Sopharma Buildings will raise some 6 million levs ($3.28 million/3.07 million euro), which it plans to use to finance the purchase of an investment property in Sofia.
Earlier this week, Bulgaria's financial regulator approved Sopharma Buildings' prospectus for the capital increase. The company received a nod from its management board for the share issuance in late December, with the aim of increasing its capital to some 3.9 million levs from 649,990 levs.
Shares in Sopharma Buildings last traded at 6.50 levs on the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)
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