October 31 (SeeNews) - Bulgaria's financial regulator said that it has allowed Vienna Insurance Group (VIG) to increase its direct shareholding in Sofia-based Bulstrad Vienna Insurance Group, following the liquidation of its fully-owned subsidiary TBI Bulgaria.
TBI Bulgaria holds an 85.8% stake in Bulstrad Vienna Insurance Group.
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The regulator did not disclose further information in its statement published late on Tuesday.
According to data from the commercial regster, TBI Bulgaria entered liquidation proceedings in July and set a six-month deadline for their completion.
In October last year, TBI Bulgaria carried out a buyout bid for Bulstrad Vienna Insurance Group and subsequently delisted the company from the Bulgarian Stock Exchange.
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