FEEI REIT Increases Freefloat to 15-20%

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Based on the stock exchange trade and its development strategy, FEEI REIT’s board of directors has recommended the majority shareholder to increase the freefloat stake of the company, FEEI told Profit.bg.

The freefloat of the company currently amounts to 7%. The majority shareholder has approved a freefloat of 15-20%.

On 21 May the company will float 50,000 shares at 2.60 leva/share. In case investors demonstrate interest in the float, the company will float another 25-50,000 shares at the same price.

On 22 June at 10:00h in Sofia the shareholders of the company will vote the proposed distribution of the profit generated in 2006. Under the proposal 90% of the profit, amounting to 130,000 leva, is to be distributed as dividends amounting to a gross dividend of 0.18 leva/share (net dividend of 0.1674 leva/share).

Under its development strategy for the year 2007 FEEI REIT plans to securitize receivables amounting to 10 and 14 mln leva. To this end the company plans to increase its capital and to issue a second bond issue in the second half of this year. Meanwhile it is in negotiations with foreign investment banks to attract them in this segment.

FEEI REIT has so far purchased receivables totaling some 6 mln leva from energy efficiency municipal and industrial projects and electricity trade.

The last transaction involving shares of FEEI REIT was made on 8 May at 2.62 leva/share.

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