April 12 (SeeNews) - Bulgarian diversified group Stara Planina Hold [BUL:6C4] said on Wednesday it has acquired majority stakes in three local companies for a total of 2.6 million levs ($1.41 million/1.33 million euro).
Stara Planina Hold has acquired 95.69% of Veliko Tarnovo-based vinegar producer Vinprom, 68.99% of Nikopol-based grape and fruit purchaser Dionisii, which is a Vinprom supplier, and 80% of Svishtov-based Ustrem, a manufacturer of spare parts for combine harvesters and other farm machines, the buyer said in a bourse filing.
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Stara Planina hold plans to invest in the modernization and development of the newly acquired companies.
"With the acquisition of the new subsidiaries Stara Planina Hold expects consolidated annual sales revenue to reach 194 million levs," the group said in the statement.
Stara Planina's investment portfolio includes companies from the sectors of machine building, electrical engineering, perfumery and cosmetics, and textiles.
Stara Planina Hold shares were traded 2.54% higher at 7.989 levs by 12:00 CET on Wednesday as 165 shares changed hands on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)