SOFIA (Bulgaria), November 8 (SeeNews) – ZMM Holding Bulgaria said on Wednesday it has increased its stake in IHB Electric to 97.79% in a buyout bid.
ZMM Holding Bulgaria acquired a total of 46,418 IHB Electric shares from 106 minority shareholders, the holding company said in a statement.
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In October, Bulgaria’s financial regulator said it has allowed the publication of a buyout offer by ZMM Bulgaria Holding for the remaining 73,216 shares in IHB Electric it does not already own at a price of 10.59 levs ($6.33/5.41 euro) apiece.
Following the buyout transaction, ZMM Bulgaria Holding plans to delist IHB Electic from the Sofia bourse, it said in May.
ZMM Bulgaria Holding is a unit of Industrial Holding Bulgaria [BUL:4ID].
IHB Electric produces hydro power generators, electric motors, turn-key electro-mechanical equipment and provides services for hydro power plants, pumping stations and irrigation systems.
(1 euro = 1.95583 levs)