March 21 (SeeNews) - Bulgaria's financial regulator said it has given approval to investment fund KJK Fund II to indirectly acquire qualified holdings in Bulgarian insurers Euroins, Euroins Life and EIG Re, all units of Sofia-based Euroins Insurance Group (EIG).
The regulator did not provide any further details.
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EIG operates in eight European countries and has subsidiaries in Bulgaria, Romania, Macedonia and Ukraine. EIG is a subsidiary of financial and insurance group Eurohold Bulgaria [BUL:4EH].
On December 29, Eurohold Bulgaria said investment fund KJK Fund II SICAV-SIF's stake in the company has fallen to 12.46% from 15.26% as a result of the Sofia-based holding company's recent capital hike. In December, Eurohold increased its capital to 197.5 million levs ($121.1 million/101.0 million euro) from 161.3 million levs via a new share issue. The holding company raised 47.0 million levs through the capital hike.
Earlier in December, KJK Fund II SICAV-SIF acquired 2.3 million Eurohold Bulgaria shares at a weighted average price of 1.3 levs apiece, boosting its stake to 15.26% from 12.69%.
KJK Fund II SICAV-SIF, launched in 2012, is a specialised investment vehicle designated for investments in the Balkan region focusing on both listed and private equity assets. The fund is managed by Luxembourg-registered KJK Management.
(1 euro=1.95583 levs)