You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Bulgaria's Doverie-Invest buyout offer to Moldova's MICB gets regulatory nod - report

Bulgaria's Doverie-Invest buyout offer to Moldova's MICB gets regulatory nod - report Moldova

SOFIA (Bulgaria), May 27 (SeeNews) - Moldova's financial market regulator CNPF has approved the buyout bid of Doverie-Invest, a unit of Bulgarian diversified group Doverie United Holding [BUL:5DOV], for the remaining 36% interest in Moldindconbank (MICB) it does not own yet, Moldovan media reported.

Doverie-Invest will buy the remaining 1,770,906 shares for 240.74 lei (1.19 euro) apiece, the same price per share it paid for the 63.8865% shareholding interest in MICB it acquired through its wholly-owned subsidiary Doverie-Invest, privately-held news agency Infotag reported last week.

In accordance with Moldovan legislation, Doverie-Invest was obliged to make the offer to purchase the remaining shares in MICB within 90 days of signing the contract for the acquisition of the majority stake. Until then Doverie-Invest is able to vote with no more than 25% of all shares it holds in MICB.

In March, Doverie United Holding completed the purchase of the majority stake in MICB after Doverie-Invest won a public tender launched at a starting price of 76.6 million Bulgarian levs ($43.8 million/ 39.1 million euro) for a total of 3,173,751 shares.

MICB is currently under the temporary administration of Moldova's central bank, BNM, for six months as of April 20.

On January 23, BNM said that it has approved the sale of MICB to Doverie. Moldova had been trying to sell the majority stake in its second largest bank since April 2018, when it confiscated it from shareholders who operated in a non-transparent way.

(1 euro = 1.95583 levs)