Bulgaria's CBA Asset Management to Sell 3 Units, Share Price Drops 15%
Tuesday, 13 November 2018
Bulgarian diversified group CBA Asset Management said on Monday that it is seeking the approval of its shareholders to sell three of its wholly-owned units - CBA Franchise, CBA Logistics and Radomira-2006, for 1 lev ($0.58/0.51 euro) each. As at 13:20 CET on Monday, CBA Asset Management shares traded 15% lower at 0.17 levs on the Bulgarian Stock Exchange. All three companies have a negative market valuation, CBA Asset Management said in a bourse filing. Under the proposals, CBA Franchise and CBA Logistics will be acquired by local Corect-A, while Radomira-2006 will be sold to private individual Mario Petkov.CBA Asset Management's shareholders will vote on the proposals at a meeting scheduled for December 27.