BUSINESS

NBG Pangaea to proceed with share capital increase

TAGS: Business, Property, Markets

The annual general meeting of NBG Pangaea approved the real estate investment company’s share capital increase on Wednesday, authorizing the board to complete it in the next 10 months.

Sources say the management’s intention is to reach an advanced point in the procedure by the end of the year or in the first months of 2020.

The increase is expected to come close to 500 million euros, with some 20-25 percent of the existing share capital set for concession.

The company also announced on Wednesday that its name will change to Prodea Investments.

It has not yet been determined what share of the funds collected will be used for new investments and how much will go to the main stakeholder, Invel Real Estate.

The capital increase was deemed necessary after the acquisition by Invel of a 32.7 percent stake National Bank owned in NBG Pangaea, which has taken Invel’s holding to over 98 percent.

Pangaea intends to allow a wide range of international and domestic investors to participate in the share capital increase when it opens a book for offers.

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