January 7 (SeeNews) - Bulgaria's Velgraf Asset Management [BUL:1VX] said on Friday that local Kibul has cut its stake in the company to 33.63% from 40.20%.
Following the transactions, Kibul owns 23,194,457 shares in the company, Velgraf Asset Management said in a statement.
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The 6.57% stake sold by Kibul is worth over 17 million levs ($10 million/8.7 million euro) according to Velgraf Asset Management's last trading price on the Bulgarian Stock Exchange, of 3.8 levs per share.
Last month, Romania's S.A.I. SIRA has increased its stake in Velgraf Asset Management to 6.5584% from 2.5863%.
Kibul is a wholly-owned unit of Swiss Telenor Communications.
(1 euro = 1.95583 levs)