December 14 (SeeNews) - Bulgarian diversified group Severcoop Gamza Holding [BUL:6S4] said on Friday that local Zem Invest has decreased its stake in the company to 18.39% from 24.79%.
Currently, Zem Invest holds 983,272 shares in the company, Severcoop Gamza Holding said in a bourse filing.
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Zem Invest sold 342,415 Severcoop Gamza Holding shares, which, according to the company's last trading price on the Bulgarian Stock Exchange, are worth some 1.4 million levs ($808,000/716,000 euro).
On Thursday, the Bulgarian Stock Exchange said that it has admitted to trading a 5.0% 20 million levs bond issued by Severcoop Gamza Holding [BUL:6S4].
Severcoop Gamza Holding issued the bonds in September and said it plans to use the proceeds from the issue to acquire majority and minority stakes in companies, in order to form a diversified portfolio.
Also in September, the company doubled its capital to 10.7 million levs via a new share issue. Severcoop Gamza Holding raised 10.7 million levs in the process, which it intends to invest in the purchase of stakes in companies active in production of wine, milk, foie gras and duck meat products, as well as water bottling and distribution.
Severcoop Gamza Holding was set up in 1998 as a privatisation fund.
(1 euro = 1.95583 levs)