SOFIA (Bulgaria), April 6 (SeeNews) – Bulgaria’s Euroins Insurance Group (EIG), part of financial and insurance group Eurohold Bulgaria [BUL:4EH], said on Thursday it will launch a buyout bid for the remaining 9.93% of the capital of its Sofia-based subsidiary Euroins [BUL:5IC] it does not already own.
"The goal is for EIG and Eurohold Bulgaria, its majority shareholder, to wholly consolidate their stakes in all their subsidiaries in Southeast Europe", Jeroen van Leeuwen, EIG's chief operating officer, said in a bourse filing.
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The tender offer will be filed for approval with the Financial Supervision Commission (FSC) within 14 days after EIG increased its stake in Euroins to over 90% of the voting rights on March 31.
EIG owns between 98% and 100% of the capital of all of its other subsidiaries in Bulgaria - Euroins Life Insurance, Euroins Health Assurance and EIG Re.
Euroins shares traded at 1.25 levs ($0.68/0.64 euro) as at 10:30 CET on Thursday, unchanged from the previous close, in a trading volume of 35,703 shares.
(1 euro = 1.95583 levs)