January 29 (SeeNews) - The Bulgarian Stock Exchange said on Tuesday that it has delisted cellulose producer Svilosa [BUL:3MZ] from the BSE main market after the company was removed from the register of public companies and other issuers of securities.
The Financial Supervision Commission said earlier on Tuesday that it has delisted the company from the register without providing further details.
Earlier this month, A.R.U.S. Holding increased its stake in Svilosa by 3.38% to 96.64% through a buyout offer, priced at 5.5 levs ($3.19/2.81 euro) per share.
As A.R.U.S. Holding's stake in Svilosa exceeded 95% following the bid, the company has the right to squeeze out minority shareholders. At the same time, minority shareholders have the right to force A.R.U.S. Holding to buy their shares at a price of 5.5 levs.
Svilosa shares last traded on the BSE at a price of 5.35 levs apiece, which translates to a market capitalisation of some 170 million levs.
A.R.U.S. Holding initially intended to offer 4.7 levs per each Svilosa share it wanted to acquire but the financial regulator suspended that offer in November, forcing the company to sweeten its bid later that month to 5.5 levs per share.
In October last year, A.R.U.S. Holding, which held a stake of 80.67% of Svilosa at the time, signed an agreement with Luxembourg-based KBD SA for joint management of Svilosa, in accordance to which A.R.U.S. Holding's direct and indirect ownership of the Bulgarian cellulose producer increased to 93.26%.
Svilosa, through its unit Svilocell, is the largest producer of bleached kraft pulp in Bulgaria.
According to data from the commercial register, private individual Krasimir Dachev holds a 90% stake in A.R.U.S. Holding, while another private individual - Albena Badeva, owns the remaining 10%.
(1 euro = 1.95583 levs)