September 18 (SeeNews) - Bulgarian hotel operator Sofia Hotel Balkan [BUL:3ZB] said that its majority owner - Cyprus-based Potamiro, has launched a buyout bid targeting 34,622 shares in the company at a price of 10.52 levs ($6.37/5.38 euro) apiece.
Potamiro has also signed an agreement for the joint management of Sofia Hotel Balkan with Cyprus-based Kokari, which owns 11.85% interest in the hotel operator, Sofia Hotel Balkan said in a bourse filing on Thursday.
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Earlier this year, Potamiro acquired 100% of Naranjilla Company, which holds 87.49% interest in Sofia Hotel Balkan through its wholly-owned subsidiary Bandola Properties.
The hotel operator turned to a consolidated net loss of some 4.7 million levs in the first half of 2020 from a net profit of 925,000 levs a year earlier. Sofia Hotel Balkan's revenue decreased to 5.7 million levs in the January-June period of 2020 from 16.3 million levs in the same period of last year.
(1 euro = 1.95583 levs)