Eight Companies Increased Capital Successfully This Year On BSE

Eight Companies Increased Capital Successfully This Year On BSE

Eight Bulgarian public companies have increased capital successfully so far this year, raising a total of 38.5 mln leva (19.6 mln euros). One offering has been unsuccessful and three companies are yet to disclose results. This is what Profit.bg found out after an inquiry with BSE.

On March 6 Fair Play Properties REIT announced the successful placing of 5.13 mln out of the 10.14 mln new shares they offered. The placement price was 2.25 leva apiece, which means the real estate investment trust has generated some 11.53 mln leva (5.89 mln euros) as a result.

The company's executive director Minio Moravenov said “The raised amount is enough to enable the company to finance its new projects by itself.”

Alpha Wood Bulgaria successfully placed 403,740 new shares (nearly 98% of all offered) at an issuing price of 30 leva a piece, which means the company raised some 12.11 million leva (6.19 mln euros) on BSE.

The funds will be used to cover Alpha Wood's liabilities to lenders Enderby Services Limited and Alfa Wood A.E.B.E, as well as to invest in new technologies with the aim of a more rational usage of energy resources and closing the production cycle.

Doverie United Holding also raised capital successfully. Investors subscribed and paid a total of 856,245 new shares (out of 876,657 offered) at an issuing price of 12 leva apiece. The holding thus raised 10.27 mln leva (5.25 mln euros).

The bulk of the shares was subscribed by Sopharma Jsc – 512,713 worth a total of 6.15 mln leva (3.14 mln euros). Darik Jsc paid some 1.08 million leva for 90,000 shares and Donev Investments Holding paid 120,000 leva for 10,000 shares. Another 88,558 shares were subscribed by Rasafi EOOD (1.06 million leva).

Petar Karaminchev Jsc managed to raise 3.97 million leva (2.02 mln euros). The Ruse based company is among those that managed to place the entire amount they offered – 2.65 million shares at an issuing price of 1.5 leva apiece.

Four real estate investment trusts successfully completed their mandatory initial capital increase this year – from 500,000 to 650,000 leva via issue of 150,000 new shares. The issuing price was set at 1 lev apiece. Those are City Properties REIT, Turin Properties REIT, Zeth Properties Investments Fund REIT and Sopharma Buildings REIT. The latter placed 149,990 shares raising 149,990 leva.

FIA Bulgaria Jsc, though, failed to complete the procedure. The company offered 525,000 shares at 9.31 leva apiece. No data as to the number of subscribed shares is available on BSE. The deadline for subscription was February 28.

There is also no information on the capital increases of three other REITs – Lev Invest REIT, Roy Properties Fund REIT and Fund For Energetics and Energy Savings REIT.

Trade in rights of Agro Finance REIT started May 7. The fund is planning to increase capital from 16.138 mln leva to 32.276 mln leva (16.5 mln euros) via issue of 16.138 mln shares with a par value of 1 lev and issuing price of 1.20 leva. The subscription deadline is June 13.

The auction for unused rights of Black Sea Investments REIT has been appointed May 10, which is also the deadline for subscription of shares in the capital increase of Mel Invest Agricultural Land REIT.

Black Sea Investments is in the process of raising cap from 650,000 leva to 14.95 mln leva (7.64 mln euros). The deadline for subscription is May 23, while Mel Invest is increasing capital from 14.044 mln to 28.089 mln leva (14.36 mln euros).

The final date for subscription for the 150,000 new shares issued by Bulgari Reserve Properties REIT was April 29. Main shareholders are Republica Holding Jsc, Kram Complex Group EAD and Momentum Bulgaria Jsc.

By end of May investors will have the opportunity to subscribe new shares in the following companies – Alpha credit REIT (deadline is May 27) and Sila Holding Jsc (deadline May 13).

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