Euroins Insurance Group AD will launch a bid to purchase the remaining 9.9%, or 1.6 million shares, of its Bulgarian unit Euroins Insurance AD from the company's minority shareholders, the group said April 6.
Euroins Insurance Group increased its holding in the Sofia Stock Exchange-listed insurance unit to over 90% on March 31 and is required under local law to secure Bulgarian Financial Supervision Commission approval to launch a tender offer for the remaining shares within 14 days from this date. The buyout price will be announced after the regulatory approval has been granted. Euroins Insurance AD will be delisted from the exchange if the offer is accepted.
The aim of Euroins Insurance Group and its parent company Eurohold Bulgaria AD is to consolidate their stakes in all subsidiaries in southeast Europe. EIG already owns between 98% and 100% of all other subsidiaries in Bulgaria, as well as those in Romania, Ukraine and Macedonia. Eurohold Bulgaria owns 100% stakes in Eurolease Group AD, Auto Union AD and Euro-Finance AD.