Graphisoft seeks clearance for EUR 33 mln structured share repurchase
Graphisoft Park, a listed company that owns and operates a business park in the north of Budapest, has called a general meeting for March 2 to clear the board to carry out a EUR 33 million structured share repurchase, state news wire MTI reports, citing a disclosure posted on the website of the Budapest Stock Exchange.
Last November, Graphisoft Park said it signed a ten-year, EUR 40 mln loan contract with UniCredit Bank Hungary and would propose returning EUR 30 mln-35 mln of the new loan to shareholders in the form of dividend or share buybacks in 2020.
The loan, taken out "to optimize the companyʼs capital structure", will bring total bank debt of the group to around EUR 114 mln, or 43% of its real property assets, Graphisoft Park said at the time.
Graphisoft Park recently converted into the local form of a real estate investment trust (REIT) and is required to pay shareholders 90% of profit as dividends.
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