Sofia, 25 March 2009.
On the General Meeting, held on 25 March 2009, the shareholders decided to distribute BGN 7 257 298, 10 of the profit from the previous year as dividend. The net financial result of the Fund for 2008 reached BGN 13, 744 mln. and the profit for distribution exceeded BGN 7, 765 mln. 93, 5% of it will be distributed as dividend at the amount of BGN 0, 13 per share. Through the previous year the Company finalized 173 agreements for sale of apartments for total BGN 35, 361 mln. and concluded new agreements for 205 apartments with total value BGN 44, 5 mln.
The General meeting empowered the Board of the Directors to purchase two office buildings – “Hill Tower Business Center” and “FPI – Business Center” in implementing the strategy of the Company to increase the share of the investment properties in its portfolio and gradually to converse itself in a classical REIT. The properties are with prime location and are completely leased with guaranteed agreements. The prices are respectively EUR 17 mln. and EUR 10 mln.
‘We expect that the inclusion in the portfolio of buildings, that will accumulate good permanent income, to increase seriously the attractiveness of the shares of the Company and to extend their liquidity.” said Mr. Manu Moravenov, CEO of “FairPlay Properties” REIT.
The shareholders elected the first Audit Committee with 4 years mandate, with a representative of the minority shareholders. This will rise the transparency and will arise the opportunities for control from the institutional investors.
The Company announced its first forecast for the present year. It has conservative disposition because of the economical conjuncture. According to the forecast, the Company expects to realize BGN 2 mln. profit for distribution in 2009.
FairPlay Properties REIT is the biggest Company for securitization of real estate (without agricultural land) in view of assets with 12, 6% market share and ranks four among all REITs investing in real estate (data provided by the Financial Supervision Commission for Q3 2008).
FairPlay Properties is “The Best Corporate Governance of REITs 2006” award winner from the Investor‘s Association.
FairPlay Properties REIT is listed on the Bulgarian Stock Exchange – Sofia on 17 February 2006. Its main shareholder is FairPlay International JSC with 66, 8 % share. The rest of the shareholders are institutional investors (10 Pension funds, 20 Mutual funds and Investment companies) and over 270 legal and physical entities, private investors.
More information:
Snezhana Yotinska
Investor Relations Director
81 99 121
s.yotinska@fpp.bg
"ААА Communications"
Sofia 1142
53А Graf Ignatiev Street, fl. 3
Tel.: 987 00 06, 987 02 43
e-mai: office@aaa-comm.bg
