Brazilian mall operator Multiplan Empreendimentos Imobiliarios SA registered on Monday to issue around nine million new common shares, worth about 490 million reais ($250 million) at Friday’s closing price.
Current shareholders will have priority over a third of the new shares, according to a securities filing. Controlling owners have already expressed their intention to buy about 100 million reais ($51 million) of the new common shares.
The company said the share offering will help fund growth, strengthen its capital and allow faster work on new projects.
$1 = 1.96 Brazilian reais Reporting by Alberto Alerigi Jr.