Finnish retail property specialist Citycon has announced plans to carry out a rights issue of around EUR 91 mln aimed at financing redevelopment projects and potential acquisitions as well as strengthening the company’s balance sheet.
Finnish retail property specialist Citycon has announced plans to carry out a rights issue of around EUR 91 mln aimed at financing redevelopment projects and potential acquisitions as well as strengthening the company’s balance sheet.
Citycon will offer a maximum of 49 million new shares with a subscription price of EUR 1.85 per share. The subscription period will run from 17 September 2012 to 1 October 2012.
The company said it continues to focus on increasing its net cash from operating activities and direct operating profit, mainly through the pursuit of value-added activities, redevelopment projects, and selected acquisitions.
Citycon's two largest shareholders, Gazit-Globe and Ilmarinen Mutual Pension Insurance Company, have committed to acquire 23.5 million and 4.4 million shares respectively, representing in total 57% of the offering.
