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Dec 15, 2017 17:31 EEST
SOFIA (Bulgaria), December 15 (SeeNews) – Bulgarian pharmaceutical company Pharmhold [BUL:2PH] said on Friday it is seeking the approval of its shareholders to acquire local medical products wholesaler Pharmnet from Mareshki Hold.
Pharmhold [BUL:2PH] intends to acquire 100% of Pharmnet’s share capital for a price of up to 60 million levs ($36.1 million/30.7 million euro) but not less than 30 million levs, the pharmaceutical company said in a bourse filing.
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The company will seek to negotiate a deferred payment of the sum, Pharmhold said. However, if this is not possible, it will seek a loan to finance the acquisition.
Pharmhold was admitted to trade on the Bulgarian Stock Exchange (BSE) in April. The company said at the time it plans to acquire a local drug producer for up to 10 million levs.
In July, the BSE removed Pharmhold from the main market of the Sofia bourse and moved it to the BaSE Alternative Market, due to the company failure to comply with the rules of disclosure of regulated information.
Pharmhold is owned by local businessman and leader of Volya (Will) party founder Vesselin Mareshki and members of his family. Mareshki and his daughter - Aleksandrina Mareshka, own a 10% stake each, while his mother Veska Mareshka and his wife Svetlana Mareshka own 40% each.
Pharmnet's parent company – Mareshki Hold, is also owned by Vesselin Mareshki and his family.
(1 euro = 1.95583 levs)
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