CEO Ognyan Donev controlled key shareholder in Sopharma (3JR BU) ups his stake in the company, according to a regulatory filing. Donev Investments Holding has acquired 503 000 shares or 0.37% of the share capital, according to the filing. Post the transaction Donev Investments Holding’s stake has increased to 25.15%.
Sopharma’s key holding structure acquires a manufacturer
Doverie United Holding (5DOV BU) receives regulatory nod to acquire detergents and washing products manufacturer Veko, according to a regulatory filing by the Company.
Doverie is a diversified holding, an associated company of Sopharma, with a broad range of investments in the industrial, construction, health care (hospital and health insurance subsidiaries), DIY retail (Mr. Bricolage store chain), textile and others. Sopharma has 25% of Doverie and is a key shareholder. Ognyan Donev has a minority stake in the company and is part of the supervisory board. Doverie is an ex-privatization fund with more than 150 000 individual shareholders.
Terms of deal
A preliminary agreement between the two companies filed with the Trade Registry reveals a BGN 2.4m collateral for the 100% of Veko in case the deal does not go through. Veko specializes in OEM washing products – mostly detergents, and in 2015 had BGN 7m in revenues.
Sopharma decreased stake in Doverie a few days ago
Sopharma’s sold 7.97% in Doverie United Holding and stake fell below 30%, a regulatory filing to the stock exchange announced on 7 June 2017.
Sopharma has sold 1 494 300 shares in Doverie United Holding or 7.97%. Transaction with this size was executed on June 2nd 2017 at an average price of BGN 2.04 per share. On a mark to market basis this should yield an 80% profit on the stake and at least BGN 1.4m net profit to be booked by Sopharma in Q2’17 from the transaction.
Post the transaction Sopharma decreased its stake to 24.97% in Doverie United Holding. This means an increase in Doverie’s stake by c.3% before the latter sale because at the end of March 2017 Sopharma reported a 30.22% stake in Doverie.