Greece's Gek Terna to cut Capital of Bulgarian Unit Icon

Greece's Gek Terna to cut Capital of Bulgarian Unit Icon

Bulgarian real estate investment company Icon said that its owners - Greece's Gek Terna and Cyprus-based Terna Overseas Limited, have decided to cut the company's capital by 11 million levs ($6.4 million/5.6 million euro) to 61.9 million levs. The capital decrease is aimed at freeing up funds which Icon does not currently need in order to carry out its operations, the company said in a commercial register filing last week. The freed up funds will by paid out to Gek Terna and Terna Overseas Limited by the end of the year. Gek Terna will receive 9.2 million levs, while Terna Overseas Limited will get 1.8 million levs.Earlier this year, Gek Terna sold its Bulgarian subsidiary I&B Real Estate, owner of Sofia-based office building Telus Tower, for 78.6 million euro.

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