May 29 (SeeNews) - Bulgaria's Financial Supervision Commission said that it has asked local Intercapital Property Development REIT [BUL:4IC] to provide additional documents and information regarding its request for approval of a capital increase prospectus.
The regulator did not provide further details in its statement, published on Thursday.
Intercapital Property Development REIT is planning to offer for subscription 24,045,904 shares at a price of 1 lev ($0.56/0.51 euro) each, the company said last month.
The funds will be used for the reconstruction and expansion of the company's investment property in the town of Aheloy, on Bulgaria's Black Sea coast.
The capital increase will be considered successful if at least 15,255,474 shares are subscribed for and paid for.
Intercapital Property Development REIT shares last traded on the Bulgarian Stock Exchange at price of 0.20 levs.
(1 euro = 1.95583 levs)