Bulgarian fuel and building materials retailer Toplivo [BUL:3TV] signed a preliminary contract to acquire 100% of Synergon Petroleum, their parent company, Synergon Holding, said.
Toplivo will acquire 110,000 Synergon Petroleum shares for 1.47 million levs ($853,000/751,500 euro), the company said in a bourse filing on Tuesday.
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The purchase of the shares should be finalised by January 20, 2016.
In October, Toplivo said its shareholders will also discuss a proposal to increase Synergon Petroleum's capital by 20 million levs from 11 million levs at present over the next two years.
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.
Synergon Holding holds a majority stake of 73.42% in Toplivo.
(1 euro=1.95583 Bulgarian levs)