Trastor REIC share capital increase, amounting to 120 million euros, will have been completed by July, with its management estimating that the company’s real estate portfolio will soon exceed 1 billion euros.
As Trastor’s CEO, Tasos Kazinos, said, speaking to shareholders at the annual general meeting, which gave the green light for the share capital increase, the necessary exploratory contacts with Greek institutions will be made during the Easter period in order to determine the price per share of the increase and at the same time the prospectus will be submitted for approval to the Capital Market Commission.
He explained that the IPO was decided for two main reasons: to support the company’s growth path and to harmonize the REIC with the new provision of the Stock Exchange for the dispersion of shares, which based on its capitalization must be at least 15%.
It will be an IPO with cash payment, through the issuance of new common shares with the abolition of the preemptive right of the old shareholders. The main shareholder, Piraeus Bank (with a percentage of 98.34%) will participate in the IPO with approximately 60 million euros. In this way, the dispersion in the share will be formed at 15% to 17%.
“We believe that with a capitalization of 450 million, after the IPO, the dispersion of around 15% will be significant compared to that of other companies in the sector in order to achieve sufficient marketability in the share,” Kazinos said and added: “We are moving forward with the IPO, the funds we raise will be invested within two years and then we will examine our next steps.”
