FairPlay Properties To Distribute 8 Mln Leva as Dividend for 2007

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FairPlay Properties To Distribute 8 Mln Leva as Dividend for 2007

The shareholders of FairPlay Properties REIT voted at a general meeting toady in favor of the distribution of 8 mln leva of the company's profit as dividend, the REIT told Profit.bg.

A new Board of Directors of the company was elected at the meeting. The line up includes Manyu Todorov Moravenov, Ivaylo Alexandrov Panov and Svetoslav Petrov Soltariev.

The shareholders authorized the Board of Directors of the company to seal long-term lease contracts for the commercial and servicing buildings at the Santa Marina holiday complex in Sozopol, as well as for a hotel in the St Ivan Rilski holiday village in Bansko and for a holiday home in Chernomorets.

The shareholders approved the Board of Directors' report, as well as the financial report of the company for 2007, the auditors' report and the report of the Investor Relations Director.

FairPlay Properties invested more than 96 mln leva (VAT excluded) and sealed sales contracts for 34.5 mln leva (VAT excluded) in 2007.

The sales revenue of the company amounted to 43.30 mln leva (VAT excluded) for 2007, while the forecasts for 2008 are for 42.46 mln leva. Apartment sales and rents are expected to account for 98% and 2% of the figure, respectively.

FairPlay Properties expects to book 10.4 mln leva distributable profit in 2008. The company plans to distribute at least 0.16 leva dividend per share for 2008, up by 0.02 leva compared to 2007. The distributable profit of the company totaled 8.8 mln leva in 2007, beating the initially forecast 8.2 mln leva.

The REIT plans to make investments for 73.6 mln leva in 2008. The investments in the acquisition of new land plots will account for 42% the total figure, or 30.65 mln leva. The remaining 58% will be invested in construction.

FairPlay Properties has signed sales contracts for 51 apartments to a total value of 8.306 mln leva since the beginning of 2008. The total built up area of the properties amounts to 3,390 m2.

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