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Bulgartabac Holding reveals changes to shareholder structure, update (NEUTRAL)

In relation with the revealed information on changes in the positions of two Bulgartabac Holding shareholders, OTC trade data from a local brokerage reveals a transaction for 1 030 000 shares (13.98% of the capital) at BGN 37.16077 per share on 19.12.2017, and a second transaction for 1 029 216 shares (13.97% of the capital) at BGN 66.510924 per share on 21.12.2017. This could mean that revealed position of TI Holding FZE (up to 26.2% from 12.22% in Jun’17, an increase of 1 030 000 shares) has potentially decreased back to roughly its original size. Lawand General Trading FZE stake was disclosed at 13.97% or 1 029 219 shares. As of the last shareholder list dated 15.06.2017 BT Invest GMBH had 79.83%, TI Holding FZE had 12.22% and KTB held 6.02%, with the remaining 1.9% held by minority shareholders.

Source: Bulgartabac Holding; Capman; FFBH

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