May 24, 2017 / 5:47 AM / 4 months ago

BRIEF-Colonial proposes conversion to SOCIMI

May 24 (Reuters) - INMOBILIARIA COLONIAL SA:

* SAID ON TUESDAY IT WOULD PROPOSE THE APPLICATION OF THE COMPANY TO THE SPECIAL TAX SYSTEM FOR SOCIMIS (EQUIVALENT TO REITS, REAL ESTATE INVESTMENT TRUSTS)

* SAYS THE APPLICATION OF SOCIMI REGIME WOULD HAVE THE BENEFITS FOR THE GROUP SUCH AS REDUCTION OF THE TAX RATE TO 0 PERCENT, SIGNIFICANT INCREASE OF NET PROFIT AND CASH FLOW, POSSIBILITY TO CONTINUE USING THE TAX SHIELD OF THE GROUP TO STRUCTURE INVESTMENTS AND DISPOSALS, GREATER ACCESS TO CAPITAL AND INCREASE OF SHARE LIQUIDITY

* THE CHANGE WOULD BRING THE POSITIVE IMPACT OF 72 MILLION EUROS IN CONSOLIDATED GROUP PROFIT & LOSS ACCOUNTS OF 2017 DUE TO THE ONE-OFF REVERSION OF TAX PROVISIONS BOOKED IN 2016

* TO PROPOSE DIVIDEND OF 0.165 EURO PER SHARE, WHICH WOULD ENTAIL A MAXIMUM TOTAL DIVIDEND OF 64.8 MILLION EUROS

* THIS MAXIMUM TOTAL DIVIDEND WILL BE DISTRIBUTED WITH CHARGE TO 49.4 MILLION EUROS EARMARKED FOR DIVIDENDS AND UP TO A MAXIMUM OF 15.4 MILLION EUROS FOR VOLUNTARY RESERVES

Source text for Eikon: bit.ly/2q9Dv1w

Further company coverage: (Gdynia Newsroom)

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