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Bulgaria's FSC approves Synergon Holding buyout bid for Svetlina

Author Mario Tanev
Bulgaria's FSC approves Synergon Holding buyout bid for Svetlina Financial Supervision Commission/All rights reserved.

SOFIA (Bulgaria), August 7 (SeeNews) - Bulgaria's Financial Supervision Commission (FSC) said that it has approved the publication of a revised buyout bid by local diversified group Synergon Holding [BUL:6S7] for the remaining 9.92% stake in lighting equipment retailer Svetlina [BUL:3LX].

Synergon Holding is offering to pay 20 levs ($11.4/10.2 euro) per each of the 43,879 shares it wants to acquire, the financial regulator said in a statement on Tuesday.

The FSC initially suspended Synergon Holding's buyout bid in July.

In June, Synergon Holding acquired a 32.08% stake in Svetlina at a price of 5.5 levs per share.

Regardless of the outcome, Synergon Holding intends to delist Svetlina from the Bulgarian Stock Exchange, the company has said previously.

Svetlina shares last traded on the Bulgarian Stock Exchange at a price of 15.5 levs per share.

Synergon Holding was set up in 1996 as a privatisation fund under Bulgaria's voucher privatisation programme. The fund was transformed into a holding structure the following year. It has more than 25 subsidiaries and affiliated companies operating in various sectors of the Bulgarian economy.

(1 euro = 1.95583 levs)