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Bulgaria's Te-Trade Invest gets REIT licence, IPO prospectus approval

Jul 10, 2024, 10:52:15 AMArticle by Mihaela Miteva
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July 10 (SeeNews) - Bulgaria's Financial Supervision Commission (FSC) said it granted local Te-Trade Invest a licence to operate as a real estate investment trust (REIT) and approved the company's initial public offering (IPO) prospectus.

Bulgaria's Te-Trade Invest gets REIT licence, IPO prospectus approval
Image source: Bulgarian Industrial Capital Association

Te-Trade Invest will offer for subscription 200,000 ordinary voting shares at a price of 1 lev each ($0.55/0.51 euro), equal to their par value, the financial regulator said in a decision published on Tuesday.

According to Bulgarian legislation, REITs must increase their capital by at least 30% after obtaining a REIT licence. The capital hike rights should be offered on a regulated stock exchange market.

Sofia-based Te-Trade Invest REIT was established in November 2023 with an equity capital of 500,000 levs, divided into the same number of shares with a nominal value of 1 lev each. Its majority shareholder is local construction company Te-Trade Group, which holds a 95% stake, according to the capital hike prospectus.

(1 euro = 1.95583 levs)

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