April 5 (SeeNews) - Bulgarian fuel retailer Petrol [BUL:5PET] said on Tuesday that its shareholder Trans Express Oil has reduced its interest in the business to 9.82% from 15.31% as a result of a disposal made to Grifon Power.
On March 29, local transport firm Trans Express Oil offloaded to Grifon Power 1.5 million voting shares in Petrol, representing an equity stake of 5.49%, the filling stations operator said in a regulatory filing.
You can subscribe to our M&A newsletter here
The price of the transaction was not disclosed. Shares in Petrol closed at 0.182 levs on the Bulgarian Stock Exchange on March 28, bourse data showed.
As a result of the deal, Grifon Power now owns 5.49% in Petrol. The fuel distributor's largest shareholder as of end-2021 was investment firm Alpha Capital with a stake of 28.85%, Petrol's annual financial report shows.
In February, Trans Express Oil purchased a holding of 5.45% in Lovech-headquartered Petrol, thus bringing to 15.31% its stake in the fuel retailer.
Shares in Petrol closed flat at 0.18 levs on Monday, giving the company a market capitalisation of about 4.9 million levs ($2.75 million/2.5 million euro).
(1 euro = 1.95583 levs)