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Majority shareholder cuts stake in Burgas heating utility

Majority shareholder cuts stake in Burgas heating utility Author: Toplofikatsia Burgas. License: All rights reserved. ... media id: 1423

SOFIA (Bulgaria), October 22 (SeeNews) - Toplofikatsia-Burgas [BUL:TPLB], the heating utility serving the Bulgarian coastal city of Burgas, said that UK-based majority shareholder Bovard Ltd. has decreased its shareholding interest in the company to 83.5%.

In a deal concluded on October 19, Bovard Ltd. sold 990,099 shares of the heating utility's capital, Toplofikatsia-Burgas said in a bourse filing on Thursday.

Following the transaction, Bovard Ltd. controls 24,146,576 shares in Toplofikatsia-Burgas.

According to the most recent financial statement of Toplofikatsia-Burgas, Bovard Ltd. held an 89.58% stake in the company at the end of June.

In a separate bourse filing published on Thursday, the heating utility said that on October 12 local UPF Toplina fund, managed by Sofia-based pension insurer Toplina, bought 500,000 ordinary shares with voting rights, thus increasing its stake in Toplofikatsia-Burgas to 5.76%. Following the transaction, Toplina indirectly holds 6.68% interest in Toplofikatsia-Burgas.

Toplina held indirectly a 4.03% stake in Toplofikatsia-Burgas through UPF Toplina at the end of June, according to the most recent financial statement of the heating utility.

As at 11:55 CET on Friday, shares in Toplofikatsia-Burgas traded flat at 1.51 levs ($0.90/0.77 euro) on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)