Bulgaria’s Chimimport Group boosts to 51.22% Oil&Gas Exploration stake

In a deal registered in the country’s Central Depository on September 20, Chimimport Group bought a total of 169,600 shares in Oil&Gas Exploration and Production co and currently holds some 6.26 million shares, the target company said in a statement filed with the Sofia bourse on Saturday.

The value of the deal was not disclosed.

In early September, industrial group Chimimport [BUL:6C4] unveiled it plans to merge Chimimport Group into its agribusiness unit Zarneni Hrani Bulgaria [BUL:T43] in attempt to improve coordination of activities, to achieve more effective management and to eliminate duplication of activities in companies within the holding.

After the merger of the two companies, Zarneni Hrani Bulgaria’s holding structure will comprise the majority stakes in companies with diversified activities such as Oil&Gas Exploration and Production, edible oil plant Slanchevi Lachi Provadia, pharmaceuticals wholesaler Chimimport Pharma and its peer Bulchim Trade.