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Report: Bulgarian regulator OKs sale of Municipal Bank stake

Bulgaria's Commission for Protection of Competition allowed Liechtenstein-based Novito Opportunities Fund to purchase a 67.65% stake in Municipal Bank Plc from Sofia Municipality, SEENews reported Dec. 21.

Sofia's Municipal Privatization and Investment Agency launched a tender for the stake in October, with the minimum price set at 45.65 million Bulgarian leva.

The bid put forward by Novito Opportunities, which is part of Liechtenstein-based investment company CAIAC Fund Management AG, was the only one submitted in the tender, Reuters reported earlier in December.

As of Dec. 21, US$1 was equivalent to 1.65 Bulgarian leva.