Bulgaria: Premium Property Invest raises capital

FMnesroom – property news. The board of directors of Bulgarian real estate investment trust (REIT) Premium Property Invest [BUL:CITP], formerly known as Green Industry Properties decided to raise the company’s capital through the issue of up to 44.2 million new voting shares – SeeNews reported.

The decision-makers approved a plan to increase its capital through the issuance of up to 44.2 million new voting shares. This strategic move is poised to shape the future of the company – Property Forum writes.

The new shares will be offered exclusively to the company’s warrant holders. Each of these new shares will carry an issue price of BGN1.1, equivalent to approximately $0.61 or €0.56, and a par value of BGN1 each.

Warrant holders who do not exercise their rights now can do so in future capital increases until the warrants expire, the company said. Premium Property Invest has set a timeframe for warrant redemption, ensuring that these financial instruments retain their value for a specified duration.

Potential altering in ownership structure

Premium Property Invest issued in July a total of 44.2 million freely transferrable warrants, each giving their owner the right to subscribe for one share at BGN 1.10 in a future capital increase of the company within five years of issuance.

With this proposed capital expansion, the company is gearing up to substantially increase the total number of outstanding shares, potentially altering its ownership structure and financial outlook.

The company’s capital is currently divided into 1.3 million shares with a nominal value of BGN 1 each, according to data from the commercial register. Shares in Premium Property Invest last traded at BGN 0.32 on the BaSE market of the Bulgarian Stock Exchange, bourse data show.



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