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Doverie buys majority stake in Moldova's Moldindconbank via public tender

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Doverie buys majority stake in Moldova's Moldindconbank via public tender

Doverie-Invest, controlled by Bulgarian company Doverie United Holding AD won a public tender to acquire 3,173,751 shares of Moldova-based BC Moldindconbank SA, equivalent to a 63.89% stake in the lender.

Doverie also signed an official agreement with the Moldovan government through the country's Public Property Agency for the acquisition of the Moldindconbank stake, the Bulgarian company said in a March 18 filing.

The Public Property Agency said separately the same day that Doverie offered to pay 764.0 million Moldovan lei for the stake, with the transaction to be finalized March 22.

The Moldovan central bank approved the sale of the Moldindconbank stake to Doverie in January, and the transaction does not require prior approval of the country's competition regulator, Doverie said in February, when it signed a preliminary purchase agreement prior to the tender.

Moldindconbank as placed under interim administration in October 2016 after the central bank found that a group of investors acquired a 63.8% in the bank without prior authorization.

As of March 18, US$1 was equivalent to 17.17 Moldovan lei.