Public offering of BILK shares begins Wednesday

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A public offering and private placement of shares of BILK Logistics, which owns one of the biggest logistics parks in Budapest, starts Wednesday, June 20, and runs until July 4, the issuer said on the website of the Budapest Stock Exchange (BÉT) Tuesday.

As reported with the sharesʼ official listing on the BÉT last Thursday, BILK Logistics owner BILK Holding aims to sell between 859,375 and 1,684,375 shares in the public offering and private placement, accounting for between 25% and 49% of the companyʼs share capital.

At least 168,438 shares will be sold in the public offering, although the number may be raised as high as 1,010,625 by selling up to 842,187 shares that would have been otherwise sold in the private placement. The shares will be denominated in euros and sold for euros, reported state news wire MTI.

The sale could raise between net EUR 13.2 million and EUR 34.2 mln. Trade of BILK Logistics shares will commence within three weeks after the public offer and private placement end.

BILK Logistics wants to operate as the local form of a real estate investment trust (REIT) in future. The local form, known by its Hungarian acronym SZIT, is exempt from corporate tax and local business tax but must pay shareholders 90% of profits as dividend.

BILK Logistics is indirectly owned by György Wáberer, who sold his stake in the big road haulage company that bears his name two years ago and is now concentrating on the property market.

"The time has come to raise capital for further real estate investments with the listing of a minority stake in BILK," Wáberer  was quoted as saying in an interview with business news site portfolio.hu in late May.  Favorable changes in the regulatory environment regarding REITs "play a big role" in the decision to list BILK, he added at that time.

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