March 22 (SeeNews) - Bulgarian diversified group Doverie United Holding [BUL:5DOV] said on Friday that it has completed the settlement of its deal to acquire 63.8865% interest in Moldova's Moldindconbank (MICB) through its wholly-owned unit Doverie-Invest.
Doverie United Holding and Doverie-Invest's plans for the bank are focused on its modernisation, as well as the strengthening of the lender's excellent market position, Doverie United Holding said in a bourse filing.
You can subscribe to our M&A newsletter here
At the end of 2018, Moldindconbank's assets amounted to some 1.67 billion levs ($963 million/854 million euro).
Earlier this month, Doverie-Invest won a public tender for the acquisition of the 63.8865% stake, with a starting price of 76.6 million levs.
Doverie-Invest signed a preliminary agreement for the acquisition of the majority stake in MICB in February, giving the company the right to participate in the public tender.
On January 23, Moldova's central bank said that it has approved the sale of MICB to Doverie. The central bank's prior consent was a condition for taking part in the auction.
Moldova has been trying to sell the majority stake in MICB since April 2018, when it confiscated it from shareholders that operated in a non-transparent, coordinated way. In October, the board of Moldova's central bank decided to postpone for a further three months the sale of the stake.
Doverie United Holding controls 22 companies active in various sectors of the economy, including construction, healthcare, retail trade, textiles and others. Doverie United Holding's largest shareholder is blue-chip drug maker Sopharma [BUL:3JR], which held a 33.24% stake in the company at the end of 2018.
(1 euro = 1.95583 levs)
Moldindconbank SA is among the biggest banks in SEE. You can download our SEE Top 100 ranking
here or subscribe to our free Top 100 newsletter
here