Investment To Raise BGN 14 Mln In Cap ... BULGARIA: REIT Black Sea - Varna

BULGARIA: REIT Black Sea Investment to Raise BGN 14 mln in Cap ...


Although the company is public, in practice, its stock doesn't trade because there is no free float of shares not owned by the majority equityholders. Another 50% are owned by Stefan Papalezov. The Black Sea Investment property portfolio features assets in Sofia, Plovdiv and the Kavarna area.Source: Dnevnik a.m. The current capital of the REIT stands at BGN 650 000. The minimum subscription target is 8 mln new shares with a nominal and issue price of BGN 1. The REIT, which paid out a record dividend of BGN 25.13 per share for 2006, is 38.5%-owned by Varna-based Investment Company. The rights from the capital raise will trade from April 14.