BILK Logisztikai Nyrt. said on Friday it has closed the private placement of its shares without any sales, and has consequently withdrawn its public offering.
"Due to the discretionary decision of each of the Issuer, the Selling Shareholder and the Manager, the Issuer’s Share Offer for private placements was not completed with a sufficient result, because the optimal investor structure which could be in coherence with the ʼSZITʼ [real estate investment trust, or REIT] requirements was not established at a sufficient price," BILK said, cited by national news agency MTI.
BILK Logisztikai owns one of the biggest logistics parks in Budapest. On June 20, CEO Lívia Wáberer announced the launch of the selling process that was to run until July 4. She added that BILK would apply for a license to operate as a SZIT, the local form of a REIT, after the successful public offering of the shares. SZITs must pay shareholders 90% of profits as dividend.
The CEO said at the time that BILK aimed to sell between 25% and 49% of the companyʼs share capital. The share offering could have been affected by the recent sharp weakening of the forint as the offering, as well as any payment, was to take place in euros.
György Wáberer, BILKʼs founder and main shareholder, had said that a 5% discount was offered from the price of the public offering to investors subscribing for a maximum of 550 shares. Wáberer sold his stake in the big road haulage company that bears his name two years ago and is now concentrating on the property market.