Majority Stake in Bulgarian Internet portal Dir.bg Sold for BGN 6.2 M

The majority shareholder of Bulgarian Internet portal Dir.bg has accepted a proposal for the sale of the majority stake for BGN 6.2 M to Logo Company EOOD.

The new owner of the company is Logo Company EOOD, which already controls a 99.72% stake, according to a media statement of the Bulgarian Stock Exchange.

Logo Company EOOD, owned by sole proprietor Krasen Georgiev, had acquired a 5% stake in dir.bg at the beginning of 2014. As a result of the latest deal, Logo Company increased its stake in dir.bg by 93.94%.

Krasen Georgiev told Capital Daily that he had used a bank loan to finance the deal.

The latest financial report of dir.bg for the first nine months of 2014 indicated a 5.1% decrease in  non-consolidated revenue to BGN 1.3 M and a net operating loss of BGN 281 000, against a loss of BGN 120 000 for the same period of 2013, according to dnevnik.bg.

Logo Company EOOD reported a loss of BGN 118.1 thousand and revenues of BGN 115.3 thousand in 2013.

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