March 15 (SeeNews) - Bulgarian drug distributor Sopharma Trading [BUL:SO5] said it would seek its shareholders' approval to take out two loans worth a total of 40 million levs ($21.74 million/20.45 million euro) to finance acquisitions.
The proceeds of the loans will be used to partly finance the purchases of drug retailers in Bulgaria and an unnamed drug wholesaler in Serbia, Sopharma Trading said in a bourse filing on Monday.
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The company would also propose taking out a 14 million levs loan for the financing of its daily operations, including expenses of its drug store chain SOpharmacy.
The proposals will be voted on at an extraordinary shareholder meeting which will take place on April 24.
The three loans will be lent by three local banks - Societe Generale Expressbank, Raiffeisenbank Bulgaria and DSK.
Sopharma Trading is a unit of Bulgarian drug maker Sopharma [BUL:3JR].
Sopharma Trading [BUL:SO5] shares closed at 8.100 levs on Tuesday, up by 0.01%, as 556 units changed hands on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)