BULGARIAN COMPANY BUYS MICB SHARES

The Doverie United-Holding (Bulgaria) will become owner of 63.89% in the Moldova's second largest bank - the Moldindconbank.

According to the Public Property Agency (PPA), on Monday the fund bought 3,173,751 shares of the bank in a single package at a price of 764.05 million lei with the equity multiplier of 0.47.

Before, the National Bank of Moldova (NBM) issued a preliminary permit on buying package of shares to the Bulgarian Fund.

The MICB is the Moldova's second largest systemic bank, in which the NBM introduced external administration, blocking 63.89% shares. The NBM recognized the actions of these share's owners as concerted, for which a special permit of the regulator is necessary and shareholders did not have it.

After three failures to sell the package at the price of 239.50 lei per a share with nominal value of 100 lei, it was bought by the Public Property Fund, preliminarily concluding an agreement on selling shares to the Doverie United-Holding.

The selling of the MICB shares means that the Government and the NBM have fulfilled one that the Government and the NBM fulfilled one of important and difficult conditions of Memorandum with the IMF, which consisted of achieving transparency of shareholders in Moldovan systemic banks. In mid-January 2018, Banca Transilvania bought 39.2% shares in Victoriabank, while on October 2, 2018 a consortium of foreign investors with participation of the European Bank for Reconstruction and Development bought 41.09% of Moldova Agroindbank (MAIB).

Given the transaction with the MICB assets, over 90% bank shareholders are transparent, to which the NBM has no questions.

As Infotag has already reported, the Doverie United-Holding has an authorized fund of 9 million euros. The fund was approved in 1996. Its shareholders are physical and legal persons from Bulgaria, Austria, the Netherlands, Greece and the US. The news that the Fund got the NBM permit on buying 63.89% MICB shares raised its listing on the Bulgarian stock exchange by more than 30%.

Infotag's dossier: In 2018 the MICB got profit worth over 500 million lei. Last year the bank achieved the highest rates of the return on equity (ROE) - 3% and the return on assets (ROA) - 20.8%. The investor paid 760 million lei for 63.89% shares. The bank capital exceeds 2.5 billion lei.