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UPDATE 1 - Bulgaria's Doverie United Holding awaits Moldova's c-bank nod for new MICB management

Author Mario Tanev
UPDATE 1 - Bulgaria's Doverie United Holding awaits Moldova's c-bank nod for new MICB management Moldova

SOFIA (Bulgaria), April 22 (SeeNews) - Bulgarian diversified group Doverie United Holding [BUL:5DOV] said on Monday that it is awaiting approval from Moldova's central bank, BNM, for changes to the management team of recently acquired Moldovan lender Moldindconbank (MICB).

After receiving the central bank's approval, the new managers should be approved by MICB's shareholders, Doverie United Holding said in its audited 2018 financial statement.

Last month, Doverie United Holding completed the acquisition of a 63.8865% shareholding interest in the Moldovan lender through its wholly-owned unit Doverie-Invest.

In accordance with Moldovan legislation, Doverie-Invest should make a buyout bid for the remaining stake in MICB within 90 days of signing the contract for acquisition of the majority stake. Until then, Doverie-Invest can vote with no more than 25% of all shares it holds in MICB, Doverie United Holding explained.

On Friday, Moldova's central bank said that MICB will remain under its temporary administration for a further six months as of April 20 but gave no reason for its decision.

"The Bank operates on a regular basis and provides all services, including those related to deposits, lending and settlement operations," BNM said in a statement.

BNM had been trying to sell the majority stake in MICB since April 2018, after confiscating it from shareholders who operated in a non-transparent, coordinated way.

Doverie United Holding controls 22 companies active in various sectors of the economy, including construction, healthcare, retail trade, textiles and others. Doverie United Holding's largest shareholder is blue-chip drug maker Sopharma [BUL:3JR], which held a 33.24% stake in the company at the end of 2018.