Bulgarian fund signs preliminary agreement to buy Moldindconbank


Business News - Opportunities - Reviews



SOFIA, Feb 14 (Reuters) – Doverie Invest, owned by Bulgarian fund Doverie United Holding, has signed a preliminary agreement to buy 64 percent of Moldovan bank Moldindconbank, the company said on Thursday.

Moldova is seeking to sell Moldindconbank, the country’s second largest bank, to a foreign investor as part of a clean-up of the financial system backed by the International Monetary Fund and other donors. This followed a $1 billion bank fraud which plunged the country into crisis in 2014-2015.

“A subsidiary of Doverie United Holding, Doverie Invest EAD, signed a preliminary agreement for the purchase of 63.8865 percent of the capital of B.C. Moldindconbank,” the company said in a statement.

Moldindconbank declined to comment.

The agreement will allow it to take part in a public tender to buy some 3.17 million shares from Moldindconbank with an initial price of 239.5 Moldovan leu ($14.05) per share, or 760.1 million Moldovan leu ($44.58 million) for the offered stake, Doverie said.

The agreement has been signed with the government of Moldova through its Public Property Agency.

Last month, Moldova’s central bank said it had given permission to Doverie United Holding to buy a 64 percent stake in the bank.

The central bank governor said last month that the bid to sell Moldindconbank would face delay if it could no be concluded before a Feb. 24 parliamentary election.

($1 = 17.0500 Moldovan lei)

$1 = 1.7349 leva
Reporting by Tsvetelia Tsolova, additional reporting by
Alexander Tanas in Chisnau. Editing by Jane Merriman


Business News - Opportunities - Reviews



Leave a Reply