September 3 (SeeNews) - Bulgarian diversified group Synergon Holding [BUL:SNRG] said that the shareholders of its unit Synergon Hotels have approved a proposal to decrease the company's capital to some 20.7 million levs ($12.6 million/10.6 million euro) from 22.2 million levs.
Synergon Hotels will repurchase and cancel up to 1,500,000 own shares, Synergon Holding said in a bourse filing on Thursday.
Synergon Hotels will pay up to 2.50 levs and no less than 1.05 levs per share. The share repurchase will be carried out within three months after the entry of the shareholders' decision in the commercial register, Synergon Holding also said.
Synergon Holding held a 99.98% stake in Synergon Hotels at the end of 2020, according to the unit's latest financial report published on the website of the commercial register.
Plovdiv-based Synergon Hotels operates the Glarus and Iskar hotels in the Black Sea resort of Sunny Beach.
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)