Stara Planina Hold sold 45% of treasury stock with over 200% gains
On November 8th, 2016, Stara Planina Hold sold 45% of treasury stock on favorable market development and ETF demand, the company announced in a statement to the stock exchange.
It sold 100k treasury stock at BGN 6.25 per share. This was an 8- year-high for the stock or best price since mid-2008. The 100k lot had been purchased in 2008 and 2009 at the average price of BGN 1,974.
The stock has been in demand lately on good fundamentals but mostly on the new SOFIX ETF – Expat Bulgaria SOFIX UCITS ETF.
After the deal
Stara Planina Hold is a SOFIX component with 58% free float but BGN 21m of outstanding shares. Prior to Nov. 8th the Company owned 1.05% of outstanding shares. After the transaction yesterday it holds 121 265 of its own shares.
About Stara Planina Hold
Stara Planina Hold was found in 1996 and participated in the mass privatization in Bulgaria. It restructured its portfolio of assets in the next years to focus on machine building, electrical equipment, pharmaceutical and cosmetics and textile sectors. The Holding is active in the management of its subsidiaries and provides financial support for the investment project of the different companies. The policy to redistribute funds for the subsidiaries proved to be the key factor for the development of the Group as it managed to increase several times the revenues without acquisitions of new assets.
Read Stara Planina Hold corporate profile by ELANA Trading analysts