Flotonic Ltd. increased its buyout offers for Cyprus-based property company AFI Development PLC to $413 million from $314 million.

Flotonic is now offering 39.4 cents in cash per class A and per class B ordinary share of AFI's issued and to be issued share capital that Flotonic does not already own, up from its previous offer of 30 cents per share.

Flotonic will fund the offers via a 24-month term facility entered into with VTB Bank. The company can utilize the facility only if the offers have been declared unconditional, among other conditions.

The offers will remain open for acceptance until 1 p.m. London time on Jan. 13, 2020.

As of Dec. 19, Flotonic owns or controls 336,948,796 global depositary receipts in AFI, representing 64.32% of the company's issued class A shares, and 342,799,658 class B shares, translating to roughly 65.44% of such issued shares.

VTB Capital PLC is financial adviser to Flotonic, and BDO LLP is the financial adviser to AFI.