Quabit Conducts a €63M Capital Increase

18 May 2018 – Expansión

Quabit has completed, with an over-subscription, the €63 million capital increase through which it plans to raise funds to execute its Business Plan for 2022. The new shares are expected to start trading on 31 May.

The property developer received subscription orders for €62 million, more than 98% of the total, during the preferential subscription period. Moreover, during the period for the assignation of additional shares, requests were made for €53 million, which will be limited to just over €1 million on a pro-rata basis.

The property developer, which will increase its share capital by issuing 7 new shares for every 22 existing shares, has set the final subscription price at €1.80. The company’s shares closed trading yesterday at €2.095, 0.96% higher. “The excellent result confirms the confidence that the markets have in Quabit and is a resounding endorsement of our growth strategy”, said Félix Abánades, Chairman of Quabit (pictured above).

Quabit owns a portfolio of land spanning more than 1 million m2 for the construction of around 9,000 homes.

Original story: Expansión (by R. A.)

Translation: Carmel Drake