FIA Bulgaria, 68.68%-owned by Greece`s FIA Corporation, may increase its stake in the joint project with the local Hadjidimovo municipality for the construction of a 72,000 sq m villa community and a 48,000 sq m high-tech park near the village of Koprivlen, South-western Bulgaria.

FIA Bulgaria owns 55% in joint venture company United Constructions&Development. The municipality has contributed land to the assets of the JV.

FIA`s stake may be raised to 90%, said Dinko Cherganliev, an independent member of the board.

The Greek-owned company has earmarked 19 mln levs for the project which should get underway in the fall 2008 and wrap by 2010.

United Constructions&Development is forecast to report 9.4 mln levs in revenues and 3.6 mln levs in net profit for 2008.

FIA Bulgaria is also developing an office scheme in Sofia`s Mladost 1 residential district. The building will occupy a 900 sq m site and will have a built-up area of 3,300 sq m. It will cost 3.3 mln levs and should be ready in 2010.

The initial stages of the projects will be financed with the proceeds from a capital raise that starts January 22.

The company is floating 525,000 new shares with a nominal value of 1 lev and issue price of 9.31 levs.