May 26 (SeeNews) - Bulgarian industrial group Stara Planina Hold [BUL:5SR] said on Friday it has launched a buyout bid for the shares it does not already own in sock manufacturer Fazan.
Stara Planina Hold owns 1.13 million Fazan shares with a nominal value of 1 lev ($0.57/0.51 euro) each, which represent 91.75% of the company's capital.
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The offered price will be disclosed after the financial regulator approves the transaction, Stara Planina Hold said in a bourse filing.
The holding company plans to develop the core activity of Fazan. It also said it plans to delist the sock manufacturer from the financial regulator's registry and will propose to its shareholder to delist Fazan from the country's public registry as well.
Stara Planina Hold shares closed 0.01% higher at 7.801 levs on the Bulgarian Stock Exchange on Friday.
(1 euro = 1.95583 levs)