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Bulgaria's Bora Investment acquires 18% stake in Yuri Gagarin

Bulgaria's Bora Investment acquires 18% stake in Yuri Gagarin Photo: Yuri Gagarin / All rights reserved.

SOFIA (Bulgaria), September 20 (SeeNews) - Bulgaria's Bora Investment has bought 180,703 shares of local cigarette filters maker Yuri Gagarin [BUL:4PX], representing an 18% stake in the company, Yuri Gagarin said on Friday. 

Bora Investment acquired the shares for an undisclosed price from DRC Invest, which sold its entire shareholding in the cigarette filters maker, Yuri Gagarin said in a bourse filing. 

The buyer did not hold a stake in the company prior to the transaction, the statement added. 

Last month, Yuri Gagarin said it turned to a consolidated net loss of 882,000 levs ($498,200/451,000 euro) in the first half of 2019 from a 3.4 million levs net profit in the same period of 2018.

Yuri Gagarin consolidates the results of two wholly-owned subsidiaries - Sofia Print Investment and U. G. Technics.

Plovdiv-based Bora Investment is also active in real estate investments, export and import trade and consulting services. It is majority owned by private investor Rangel Genchev and has a registered capital of 1000 levs, according to data published on Bulgaria's commercial register website. 

(1 euro = 1.95583 levs)