July 23 (SeeNews) - Bulgarian construction company Trace Group Hold [BUL:T57] said that its management has approved the merger of two of the company's wholly-owned subsidiaries - Metro Druzhba and Trace BG.
Trace BG will absorb Metro Druzhba without increasing its capital, Trace Group Hold said in a bourse filing earlier this week.
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Last year, Metro Druzhba absorbed Trace SOP, another Trace Group Hold unit.
As at 13:55 CET on Thursday Trace Group Hold shares traded unchanged at 4.00 levs ($2.37/2.04 euro) on the Bulgarian Stock Exchange.
Еarlier this week, Trace Group Hold sold 12,500 shares in Germany-based Trace M Invest, representing its entire stake in the company, to Bulgaria-based M Strong for 10,000 euro ($11,600). In 2017, Trace Group Hold set up Trace M Invest in Germany as a joint venture along with its Bulgaria-based peer M Strong. Trace Group Hold and M Strong will each held a 50% stake in the joint venture company.
Trace Group Hold's activities include rehabilitation, reconstruction and construction of roads, highways, airports, underground stations and underground railways, ground railroads and facilities, urban infrastructure and road marking.
(1 euro = 1.95583 levs)