Soho Development plans to buyback 33 percent stake at PLN 3.27 apiece

WSE-listed developer Soho Development’s management board approved a preliminary plan to buy 33 percent of its shares at PLN 3.27 apiece, the company said in a market filing. The company added that the buyback is conditional on selling its Mińska 25 scheme in Warsaw. “The Management Board emphasizes that the first and subsequent tranches of purchase will depend on the finalization of the transaction. The above-mentioned conditions for the first tranche of purchase will only apply to the transaction,” the company said adding that potential future tranches will depend on how much the company will get from Mińska 25 sale. At end-Thursday, the company’s shares were traded at PLN 2.2 at WSE.