Black Sea Investment Reit Rights Issue To Trade April 1424

Black Sea Investment real estate investment trust (REIT) issue rights will trade on the Bulgarian Stock Exchange (BSE) starting from April 14 until April 24, the REIT said in a filing to BSE on April 4.

The developer will put 650 000 rights for trade, with each unit equivalent to 22 new shares. There are no limits on the number of rights a single investor can acquire.

The rights issue precedes the planned equity hike, during which the REIT hopes to sell 14.3 million new shares, with a nominal and issue value of one lev each. Share subscription will start on April 14 and will conclude on May 23.

Black Sea Investment will consider the equity hike successful if at least eight million shares are subscribed by investors. Brokerage house Somoni Financial Brokerage was picked to manage the equity hike, which will be serviced by Allianz Bank Bulgaria.

The final date for buying shares in the REIT, as a result of which the holder will have the right to participate in the capital increase, is April 9.propertywisebulgaria.com