November 19 (SeeNews) - Bulgaria's Belovo Paper Mill [BUL:58B] said that its shareholders gave a nod to the management's proposal to delist the stock from the Bulgarian Stock Exchange (BSE).
The decision was supported by 100% of the capital represented at an extraordinary meeting held on Friday, which gives a 97.04% approval for the delisting, the company said in a bourse filing. The minimum required is a majority of 95%.
The shareholders entitled to vote on the decision, representing 4.64% of the company’s share capital, were in favour to withdraw the stock. The voting excluded Luxembourg-based Pabolux, holding 59.21% of the shares, because it had made an obligatory tender offer, and minority investor Padilux with 33.18%, under an agreement for joint control with the majority holder.
In October, Pabolux acquired 31,571 shares in a buyout bid adding 0.55% to its 92.39% direct and indirect control of Belovo Paper Mill.
Belovo Paper Mill, the largest tissue paper producer in Bulgaria, generated a revenue of 28 million levs ($16.4 million/14.3 million euro) in 2017.
(1 euro = 1.95583 levs)