Austria’s VIG Wraps Up Talks to Sell Indirect Holding in Bulgaria's Doverie to United Capital Plc
Thursday, 01 January 1970
Vienna Insurance Group (VIG) said it has concluded the negotiations on the sale of its indirect holding of more than 92% in Bulgarian pension fund Doverie to United Capital PLC.
The sale of the holding is subject to the approval of the competent authorities according to Bulgarian law, VIG said in a statement.
Doverie is the leading Bulgarian pension fund company. As of 31 December 2012, Doverie had more than 1.25 million contributors and the assets under management amounted to almost 1.8 billion levs ($1.2 billion/920 million euro).
Little is known about United Capital PLC. Records of Companies House, the UK’s registrar of companies, show an entity incorporated in England and Wales with a registered office in Grays, Essex.
Last week the Confederation of Independent Trade Unions in Bulgaria (CITUB), one of the country's two biggest labour unions – without naming United Capital – voiced concern about the lack of transparency regarding who is going to buy Doverie and insisted on meeting the prime minister, regulators and the national security agency to discuss the matter. The unions also called for an extraordinary shareholder meeting to be called ahead of closing the transaction. Any destabilization of the biggest pension insurance company in the country could lead to a collapse of the local pension insurance market, CITUB said.