Warsaw bourse allows listing of Bulgarian Intercapital Property Development.

By bne IntelliNews August 5, 2010
The board of directors of the Warsaw Stock Exchange allowed the listing of Bulgarian real estate investment trust REIT Intercapital Property Development, the local company informed through the local stock exchange. The issue of 4.82mn shares will be traded on the alternative trade system NewConnect as of August 9-13. Intercapital Property Development is the first Bulgarian company to be traded on the Warsaw bourse. In April, the Bulgarian financial regulator approved the prospectus of Intercapital Property Development to issue 19.29mn shares, which would represent a four-fold increase of its capital. The issue and face value of the new shares will be at BGN 3 (EUR 1.53) and BGN 1 respectively, which means that the company may attract a total BGN 57.9mn. The raised funds will be used to complete a project in the Borovets ski resort and also to develop new projects. The company announced plans to place some 33% of its new shares on the Warsaw stock exchange by the middle of the year.
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