September 26 (SeeNews) - Bulgarian real estate investment trust (REIT) FairPlay Properties [BUL:FPP] said that its shareholders approved the proposed distribution of gross dividend of 0.0084 levs per share for the first half of 2022.
The REIT will pay out a total of 411,481 levs ($202,950/210,386 euro) to its investors, the company said in a bourse filing on Friday.
The amount represents a little over half of the investment trust's net profit for the first half of this year, in which FairPlay Properties swung to a net profit of 762,000 levs from a net loss of 312,000 levs in the like period of last year.
FairPlay Properties skipped dividend for 2021.
In 2020, the company distributed a gross dividend of 0.0108 levs per share for 2019, or a total of 358,197 levs which amounted to 90% of the 2019 net profit.
Earlier this month, Fairplay Properties kicked off a capital increase process through which it will offer to investors to subscribe for some 98.1 million ordinary shares following an earlier warrants issue.
The main assets of FairPlay Properties are commercial and office properties. The company also owns several residential complexes on the Black Sea coast as well as lands for development in coastal and mountain resort areas.
Local real estate developer FairPlay International is the company's largest shareholder with a combined 48.2% of its equity, of which 18.55% is a direct holding.
As at 1016 CEST on Monday, the shares of FairPlay Properties, a constituent of the BGBX40 index of the Bulgarian Stock Exchange, traded flat at 0.875 levs.
(1 euro = 1.95583 levs)