Luxembourg’s Pabolux has submitted a buyout offer to purchase an additional stake in Bulgaria’s Belovo paper mill and delist the company from the Bulgarian Stock Exchange (BSE).
Pabolux directly owns a 59.21% stake in Belovo, and controls a further 33.18% of the shares through an agreement for joint supervision with Luxembourgish company Padilux, according to the information obtained by business news site SEENews.com. Pabolux now intends to purchase a further 7.61% stake.
Pabolux is reportedly considering to increase Belovo’s capital with the aim to finance new investments or pay the company’s outstanding debt.
