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Bulgaria's insolvent Corpbank exits Bulgartabac Holding

Author Mario Tanev
Bulgaria's insolvent Corpbank exits Bulgartabac Holding Author: Bulgartabac Holding. License: All rights reserved.

SOFIA (Bulgaria), February 13 (SeeNews) - Bulgarian diversified group Bulgartabac Holding [BUL:57B] said on Thursday that insolvent lender Corporate Commercial Bank (Corpbank) sold on February 7 its entire 443,497 shares in the company, representing a 6.02% interest in the group.

Also on February 7, local company Nord Ve acquired 436,986 shares in Bulgartabac Holding, and now owns 5.93%, Bulgartabac Holding said in a bourse filing.

As deal settlement on the Bulgarian Stock Exchange takes two days, the shares likely traded on February 5, when a total of 444,242 Bulgartabac Holding shares changed hands at a weighted average price per share of 4.5016 levs ($2.50/2.30 euro). No such volume of Bulgartabac Holding shares have traded in other recent trading sessions.

According to Commercial Registry data, Nord Ve has a capital of 200 levs. The company's financial report does not show any business activity in 2018.

Bulgartabac Holding sold its tobacco business to British American Tobacco (BAT) in 2017 and has since diversified its portfolio.

(1 euro = 1.95583 levs)