Future Group negotiates stock sale prior to BVB listing

The funds obtained from the sale will be used for the company’s investments, according to Future Group officials. “We want to have extra money in our account, as soon as possible, so we can make use of opportunities we are anticipating on the local market in our field of operations in the coming 12 months, the company’s Manager, Oded Goldstein, said.

A decision on how much of the company will be sold has not yet been made. “We were approached by German and British investors who are interested in buying part of our company. It is too soon to discuss the percentage to be sold, given that we are talking about a potential sale, but this could be significant,” Goldstein said.

Future Group is currently building apartments covering a total 400,000 square meter area, and plans to make further investments in excess of €350 million in the coming three years.

The company is preparing an initial public offering (IPO) worth up to €100 mln, as the developer plans to sell at least 20 percent of the share capital. The National Securities Commission (CNVM) last month approved the preliminary IPO prospect. According to the document, the nominal value will be €1 per share.