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New owner preps buyout bid for Moldindconbank's remaining shares

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New owner preps buyout bid for Moldindconbank's remaining shares

Moldova's National Commission for Financial Markets allowed Doverie United Holding AD unit Doverie-Invest to launch a buyout offer for the remaining shares of BC Moldindconbank SA that it does not yet own, Moldovan news agency Infotag reported.

Doverie-Invest wants to offer 240.74 Moldovan lei for each of the remaining 1,770,906 shares of Moldindconbank, equivalent to a stake of around 36% in the lender. Minority shareholders will have 14 days to respond to the offer, the newswire said May 24.

Bulgaria-based Doverie United Holding acquired 63.89% shares of Moldindconbank in March via a public tender, paying 764 million lei for the entire stake.

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

As of May 24, US$1 was equivalent to 18.01 Moldovan lei.