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Nov 19, 2009 20:04 EEST
November 19 (SeeNews) - Bulgarian leading water bottling company Devin on Thursday agreed an extension of its concession contract to 35 years with the Environment Ministry, the company said.
The initial term of the concesssion awarded in 1999 was to expire in 2024, data from the National Concession Register showed.
The company needed to amend its initial concession contract to comply with changes in the Water Act adopted in June, it said in a statement posted on the website of the Bulgarian Stock Exchange.
Devin (www.devin-bg.com), based in the town of the same name in southwestern Bulgaria, sells mineral, spring and carbonated bottled water as well as carbonated drinks, ice tea and the Red Bull energy drink.
U.S.-based Advent International acquired 79% of Devin at a price of 3.06 levs ($2.33 / 1.56 euro) per share from Austrian-based Sovaria Group and Bulgarian minority shareholders, Advent said on Thursday. The deal values Devin at 40 million euro.
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