SOFIA (Bulgaria), November 18 (SeeNews) - Bulgarian diversified group Stara Planina Hold [BUL:SPH] said that it sold its entire stake of 95.69% in the capital of Veliko Tarnovo-based alcoholic beverages and vinegar producer Vinprom to local Synthesia for 2.2 million levs ($1.3 million/1.1 million euro).
By disposing of its entire shareholding of 33,492 shares in Vinprom, Stara Planina Hold confirms its intention to focus its efforts and investments in companies active in the machine-building sector, the diversified group said in a bourse filing on Wednesday.
"After excluding the company from consolidation, we expect the consolidated net sales revenues of the holding to fall by about 1 million levs on an annual comparison basis," Stara Planina Hold said.
Stara Planina Hold bought a 95.69% stake in Vinprom in 2017 for 1.95 million levs. The holding company has received income from its investment in the amount of just over 1 million levs so far, it added.
According to data published on its website, Vinprom is specialised in the production of alcoholic beverages, liqueurs, vinegar and syrups.
Veliko Tarnovo-based Synthesia, founded in 1997, is a distributor of materials for the polymer and printing industries. The company is specialised in the trade of inks, polymers, and solvents, information published on the company's LinkedIn profile showed.
On Wednesday, shares in Stara Planina Hold closed flat at 10.10 levs on the floor of the Bulgarian Stock Exchange.
Stara Planina Hold's investment portfolio includes companies active in machine building, electrical engineering and perfumery and cosmetics.
(1 euro = 1.95583 levs)
YOU CAN SUBSCRIBE TO OUR M&A NEWSLETTER HERE