-Finnish Citycon collects EUR63.1m from stock sale.
NORDIC BUSINESS REPORT-September 22, 2010--Finnish Citycon collects EUR63.1m from stock sale(C)2010 M2 COMMUNICATIONS http://www.m2.com
22 September 2010 - Finnish property investor Citycon Oyj (HEL: CTY1S) said today it raised total proceeds of EUR63.1m before commissions and expenses, by issuing of 22 million new shares offered to Finnish and international institutional investors.
The subscription price, determined via a book-building procedure, was set at EUR2.87 apiece.
The company will use the fresh funds to repay debt and to strengthen the capital base. The offering will provide Citycon with additional financial flexibility when pursuing redevelopment projects and potential acquisitions in accordance with its investment strategy and will also broaden the shareholder base, Citycon stated.
The issue was supported by Citycon's major shareholder, Israeli public multinational real estate company Gazit-Globe Ltd (TLV: GLOB).
Following the issue, the number of Citycon's outstanding shares will be 244.6 million.
(EUR1 = USD1.3)
((Comments on this story may be sent to firstname.lastname@example.org))
|Printer friendly Cite/link Email Feedback|
|Publication:||Nordic Business Report|
|Date:||Sep 22, 2010|
|Previous Article:||- First Securities expects Norway c-bank to keep key rate unchanged.|
|Next Article:||-Finnish Vaahto to supply EUR10m equipment to Indonesian paper maker.|