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Starcom Holding increases stake in Eurohold (NEUTRAL)

Starcom Holding increased its stake in Eurohold from 53.07% to 60.096% by subscribing 33m shares of Eurohold’s capital increase. The capital increase was at BGN 1.30/share and was entered in the Commercial registry on December 22. On 28 December, the majority owner disposed 11.9m shares at BGN 1.50/share, lowering its stake to 54.071%. Please recall that the raised fund were intended to be used for (1) repayment of BGN 14.2m outstanding subordinated debt to Starcom Holding; (2) BGN 25.9m capital increase of Euro-Finance for international acquisitions; and (3) repayment of the remaining BGN 21.96m of the BGN 195.58m Euroins Insurance Group capital increase.

Source: Eurohold Bulgaria; FFBH

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