SOFIA (Bulgaria), March 24 (SeeNews) - Bulgarian industrial group Doverie Obedinen Holding has bought a 90% stake in local voluntary health insurance fund Medico 21 for an undisclosed sum and is considering listing its other voluntary health insurer, OZOF Doverie, executive director Boris Borisov said on Monday.
"[We bought the fund] with the aim of boosting our presence on this market," Borisov told SeeNews.
Doverie acquired 18,000 shares in Medico 21, which represent 90% of the fund's capital, it said in a statement to the Bulgarian Stock exchange (BSE), where its shares are traded. Borisov declined to elaborate on the cost of the deal.
Medico 21, set up in 2003, has a registered share capital of 2.0 millon levs ($1.6 million/1.0 million euro), divided into 20,000 shares, according to the Apis Business registry.
"We have to analyse the new situation [following the acquisition], to take a decision on how they will function. There will most likely be mergers," Borisov said, adding that the group was considering the option of listing OZOF Doverie.
Doverie could make further acquisitions of sector companies if there are advantageous offers, Borisov added.
Doverie has 42 subsidiary and affiliate companies in the textile, food, construction, health care, pharmaceutical and tourism industries in Bulgaria. The group reported a consolidated net profit of 17.3 million levs for 2007, more than seven times that of the previous year, as total revenue rose 15%.
Shares in the company, included in the BSE's broad BG 40 index, lost 4.46% to 9.65 levs ($7.59/4.93 euro) on Monday in a volume of 5,789 shares. The Medico 21 news was announced after share trading closed for the day.
(1 euro = 1.95583 Bulgarian levs)
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