SOFIA (Bulgaria), June 16 (SeeNews) – Bulgaria's Synergon Holding [BUL:6S7] said on Friday its wholly owned subsidiary Synergon Card Service has merged into fuel retailer Synergon Petroleum.
Following the merger, Synergon Petroleum’s capital has been increased to 1.16 million levs ($662,500/593,100 euro) distributed into 116,444 shares with a nominal value of 10 levs each, Synergon Holding said in a bourse filing.
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Synergon Card Service’s main activity is development, implementation and servicing of systems for cash free payment by means of plastic cards with a magnetic stripe. The company’s network encompassed 50 sites of Synergon Petroleum, Toplivo and others.
Synergon Petroleum, established in 2008, has 30 filling stations, one petrol base and one warehouse for storage and processing of liquefied gas.
Synergon Holding was set up in 1996 as a privatisation fund under Bulgaria's voucher privatisation programme. The fund was transformed into a holding structure the following year. It has more than 25 subsidiaries and affiliated companies operating in various sectors of the Bulgarian economy.
As at 13:00 CET on Friday, Synergon shares were traded 5.18% lower at 1.061 levs on the Sofia bourse.
(1 euro=1.95583 levs)