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Bulgaria's Baranco sells 24.5% stake in Yuri Gagarin to UAE-based co

Author Mario Tanev
Bulgaria's Baranco sells 24.5% stake in Yuri Gagarin to UAE-based co Photo: Yuri Gagarin / All rights reserved.

SOFIA (Bulgaria), May 22 (SeeNews) - Bulgarian cigarette filters maker Yuri Gagarin [BUL:4PX] said that local Baranco has sold a 24.5% stake in the company to UAE-registered Finder Limited for an undisclosed price.

Following the sale, Baranco controls a 24.5% stake in Yuri Gagarin, the cigarette filters maker said in a bourse filing on Tuesday.

Yuri Gagarin shares last traded on the Bulgarian Stock Exchange at a price of 11 levs apiece, which would value the 24.5% stake at some 2.7 million levs ($1.5 million/1.4 million euro).

Yuri Gagarin's share price on the Bulgarian Stock Exchange has tumbled over 43% year-to-date. In comparison, the BSE's wider BGBX40 index, which counted Yuri Gagarin as a member until March 2018, is down by 1.9% year-to-date.

Baranco is majority owned by UAE-registered Quarta LLC, according to data from the Bulgarian commercial register.

In addition to cigarette filters, Yuri Gagarin also manufactures multi-colour printed packaging and labels of cardboard and paper for the cigarettes, food, cosmetic and other industries.

(1 euro = 1.95583 levs)

 

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