January 3 (SeeNews) - Investment fund KJK Fund II intends to acquire qualifying holdings in financial and insurance group Eurohold Bulgaria [BUL:4EH] and its local insurance units Euroins, Euroins Life and EIG Re, Bulgaria's financial regulator said.
The regulator will decide whether to give clearance for the acquisition by March 28, Financial Supervision Commission said in a statement late on Tuesday.
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No further details were disclosed.
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.
Last month, 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 this month, 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.
Eurohold Bulgaria's portfolio includes companies in the financial services, leasing, insurance and car sales sectors.
(1 euro=1.95583 levs)