CEO Ognyan Donev ups his stake in Sopharma

Ognyan Donev, CEO Sopharma

Ognyan Donev, CEO Sopharma

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.

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