Bulgaria's Petrol shareholder hikes stake to 27%

On November 2, Storage Invest acquired 6,311,147 shares in Petrol of 4.00 levs in par value each, Petrol said in a bourse filing.

On the same day, Bulgarian company Yulinor, which is in insolvency, exited Petrol by divesting 6,311,147 shares, according to the filing.

Stock exchange data shows that shares in Petrol closed flat at 0.51 levs on November 2, implying a transaction value of some 3.2 million levs ($1.75 million/1.6 million euro).

Yulinor first acquired its stake in Petrol in 2014 from local fuel wholesaler Naftex Petrol, a subsidiary of the filling stations operator.

Last week, Petrol reported a standalone net loss of 4.3 million levs for the first nine months of 2023 against a net profit of 7.3 million levs in the same period last year.

Petrol has a market capitalisation of 13.9 million levs, having lost over 22% of its stock value in the past 12 months, bourse data show. The stock last traded at 0.51 levs on Friday.

(1 euro = 1.95583 levs)