August 3 (SeeNews) - Bulgarian diversified group Synergon Holding [BUL:SNRG] said that it has agreed to divest its 95.41% stake in textile company Slatina for some 1.89 million levs ($1.05 million/966,341 euro).
Synergon agreed the sale of 943,103 shares in Slatina to local company Klen Les, the holding company said in a stock exchange filing on Wednesday.
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Based in the town of Samokov, near Sofia, Klen Les is active in logging, wood processing and timber trading, according to information published on the commercial register's website. Slatina, which is also based in Samokov, produces, distributes and exports cotton textile goods.
The transaction is aimed at restructuring the holding company's portfolio by divesting low-performing assets, Synergon added. Settlement is due by August 14.
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. Apart from Slatina, it has direct and indirect ownership in 17 local companies in the hospitality, services, oil and gas, chemical and building materials sectors. Its portfolio includes Toplivo [BUL:TOPL], Vitalgas, Energy Delta, Lackprom and BalkanCeramic.
In 2022, Synergon Holding turned to a consolidated net profit of 29.6 million levs from a net loss of 8.9 million levs the year prior.
(1 euro = 1.95583 levs)