Equest Plans to Shed Key Bulgarian Asset

TechnomarketDomo, currently 61.8% owned by TBIL, includes the Bulgarian Technomarket retail and wholesale operations and the Romanian Domo retail operations. File photo

Equest Investments Balkans Limited, currently Trans Balkan Investments Limited (TBIL), is continuing to divest more assets from the portfolio of companies it owns in Bulgaria in order to boost liquidity.

The investment company, which is listed on the London Stock Exchange's alternative investment market, announced it is holding negotiations for the sale of TechnomarketDomo Group BV (TMD).

TechnomarketDomo, currently 61.8% owned by TBIL, is the Dutch parent company for the Company's investments in the retail electronics sector in South East Europe, which includes the Bulgarian Technomarket retail and wholesale operations and the Romanian Domo retail operations.

Equest Investment Balkans has been offloading its assets in Bulgaria over the past year.

At the end of December 2009 it sold the former Rodakar plant, a 12 300 sq m retail warehouse property in the coastal city of Varna, to Creditanstalt Bulus, part of Unicredit Leasing, in a EUR 9,93 M deal.

The company sold its controlling interest in Serdika, a development site in the centre of Sofia. The total consideration payable in relation to the development amounts to EUR 9.175 M in cash, of which EUR 7.34 M is attributable to its subsidiary Equest Balkan Properties (EBP).

Earlier Equest also released its 21.2% share in the Bulgarian branch of the financial firm Uniqa International, as well as Avto Union.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!