March 22 (SeeNews) - Bulgaria's Synergon Hotels, a unit of Synergon Holding [BUL:6S7], said it has sold 100% of its subsidiary Europa Resort to Bulgarian Tourist Company Global Tours.
The price of the deal was not disclosed.
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Last month, Synergon Hotels increased the capital of Europa Resort to 22.26 million levs ($14.0 million) from 5,000 levs via a 22.25 million levs non-monetary contribution.
Synergon Hotels manages three hotels in Sunny Beach, on the Black Sea coast, and Grand Hotel Plovdiv in Bulgaria's second largest city of Plovdiv.
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.
(1 euro=1.95583 levs)