Yambol-based machinery manufacturer will acquire nearly 10% of International Asset Bank
Article published from Focus Agency on 2011-10-18 12:43:00Category: Business in Yambol
Yambol-based machinery manufacturer Hydraulic Elements and Systems (HES), part of the Stara Planina Hold’s group, will acquire nearly 10% of International Asset Bank, HES officials inform.
Following a thorough revision of the lenders` financials, the company’s BD has decided on purchasing 1, 979, 788 shares of IABank or 9.87% of its charter capital. The information was confirmed by Nikolay Mitankin, Director of Investor Relations at Stara Planina Hold, which controls nearly 65% of the capital of HES. The cost of the deal is BGN 1 per share.
According to the company report, International Asset Bank reported a profit of BGN 1.65 million to June 2011. Total assets of the lender were BGN 615.82 million, of which BGN 414.58 million are loans and receivables . The equity of the bank as of June 30 was BGN 67.2 million.
Following a thorough revision of the lenders` financials, the company’s BD has decided on purchasing 1, 979, 788 shares of IABank or 9.87% of its charter capital. The information was confirmed by Nikolay Mitankin, Director of Investor Relations at Stara Planina Hold, which controls nearly 65% of the capital of HES. The cost of the deal is BGN 1 per share.
According to the company report, International Asset Bank reported a profit of BGN 1.65 million to June 2011. Total assets of the lender were BGN 615.82 million, of which BGN 414.58 million are loans and receivables . The equity of the bank as of June 30 was BGN 67.2 million.
