November 28 (SeeNews) - Bulgarian drug maker Sopharma [BUL:SFA] said on Monday that its largest shareholder, diversified group Donev Investments Holding, is seeking to increase its current 27.89% ownership by up to 8.16%.
Donev Investments, which currently owns directly 37.6 million shares, is looking to purchase up to 11 million ordinary shares in Sopharma from fellow investors at a price of 4.50 levs apiece, the drug maker said in a bourse filing. The potential deal will therefore be worth 49.5 million levs ($26.4 million/25.3 million euro).
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The price of the offer slightly exceeds Sopharma's six-month weighted average price per share of 4.485 levs.
The bidder is targeting a combined direct and indirect ownership of up to 41.49% of Sopharma, according to the filing.
Donev Investments Holding, of which Sopharma CEO Ognyan Donev owns 99.385%, has sought approval for the transaction from Bulgaria's financial markets regulator.
The move is in line with Donev Investments' strategy to increase Sopharma's revenue both by broadening its portfolio with the addition of new product categories and by expanding the pharmacy retail network operated by its subsidiary Sopharma Trading [BUL:SFT], according to the filing.
On Monday, Sopharma Trading reported a 21% rise year-on-year in pre-tax profit for the first 10 months of 2022, to 27.2 million levs.
Earlier this month, Sopharma announced that it grew its ten-month sales by 19% in annual terms, which included a 23% jump in exports.
Sopharma's share value has increased by about 5% over the past 12 months, bourse data shows. The company has a market capitalisation of some 603.9 million levs.
As at 1544 CET on Monday, shares in Sopharma traded 0.45% higher at 4.50 levs apiece on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)