You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

China's Profit Best Investments Ltd cuts stake in Bulgaria's CCL

China's Profit Best Investments Ltd cuts stake in Bulgaria's CCL Author: Ken Teegardin. Licence: Creative Commons.

SOFIA (Bulgaria), January 13 (SeeNews) - Bulgarian investment company Capital Concept Limited (CCL) [BUL:WCO] said on Monday that China's  Profit Best Investments Limited has decreased its stake in CCL to 44.4%.

The Chinese company lowered its stake in CCL in a deal concluded on January 7, CCL said in a bourse filing.

In a separate filing issued on Friday, CCL said that Profit Best Investments Limited has sold in a single transaction a total of 172,117,360 shares in CCL priced at 0.5 levs per share. 

Profit Best Investments Limited previously held a stake of 52.47% in the capital of the investment company as of the end of the third quarter of 2019, according to CCL's most recent financial statement. 

Following a transaction also concluded on January 7, British Virgin Islands-registered Full Right Holdings Limited has reached a stake of 8% in the capital of CCL, the investment company said in a separate filing on Monday. 

CCL did not disclose how many shares Full Right Holdings Limited owned prior to the deal.

The shares of CCL last traded on the Bulgarian Stock Exchange on Friday, when they closed unchanged at 8.00 levs ($4.09/4.1 euro).

Bulgaria Development Holdings Limited, a wholly-owned unit of CCL, owned 100% of the capital of Golf Club until June, 2019, when it sold its entire stake. Golf Club was owner of St. Sofia Golf Club and Spa centre, planned to be part of an entertainment and business complex near Sofia carrying an estimated price of over 1.5 billion euro.

CCL currently has a market capitalisation of 17.2 billion levs.

CCL was admitted to trading on the Bulgarian Stock Exchange in October 2017, and with market capitalisation of 13.3 billion levs became the biggest in this regard on the Sofia bourse. However, since then, a total of seven transactions with its shares were concluded on the floor of the stock exchange in Sofia, which is below the minimum requirement for trading on the bourse's main market. As a result, the company was removed from the bourse's main market in January 2018 and was transferred to the Alternative Market of the Sofia bourse.

(1 euro = 1.95583 levs)