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Oct 09, 2007 15:13 EEST
October 9 (SeeNews) - Bulgarian investment company Holding Varna said on Tuesday it had bought a 27.97% stake in local real estate investment trust (REIT) Hyundai Properties for 1.27 million levs ($913,000/651,000 euro).
"We consider it a good investment. Probably, we may expand our share later," Holding Varna investors relations officer Katya Georgieva told SeeNews.
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Holding Varna acquired the stake from Bulgarian industrial conglomerate Chimimport, which bought 76.98% of Hyundai Properties earlier this year for 730,525 levs. Chimiport sold a 49% stake in Hyundai Properties to Bulgarian-registered Gama Finance for 2.02 million levs later.
Holding Varna holds controlling stakes in four subsidiaries that are active in electric heater production, tourism, machine building and textiles. In October 2006 it issued 10 million euro ($13.9 million) of corporate bonds to support the companies within the group and finance the construction of a villa complex near the mouth of the Kamchia river at the Black Sea coast.
Shares in Holding Varna closed flat at 45 levs on Tuesday.
(1 euro = 1.95583 Bulgarian levs)
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