SOFIA (Bulgaria), October 25 (SeeNews) – The Bulgarian Stock Exchange (BSE) said it has suspended from trading the shares of Sofia-based Bulstrad Vienna Insurance Group [BUL:4BI] as the insurer's majority owner has published a bid to acquire the remaining minority interest.
The shares has been suspended from trading as of October 25 for three business days, the BSE said in a statement on Tuesday.
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Last week, Bulgaria’s financial regulator said it has allowed the publication of a proposal by TBI Bulgaria to buy 10,000 shares in Sofia-based Bulstrad Vienna Insurance Group which it does not already own. TBI Bulgaria is proposing to pay 44.78 levs ($27.1/22.9 euro) for each of the shares it wants to acquire.
TBI Bulgaria is a wholly-owned subsidiary of the Vienna Insurance Group (VIG).
Bulstrad Vienna Insurance Group shares last traded on August 30 when they closed flat at 44 levs on the BSE.
(1 euro=1.95583 levs)