London-listed investment fund Trans Balkan Investments Limited (TBIL), formerly Equest Investments Balkans, will remain the majority shareholder of white and brown goods electronics retailer TechnomarketDomo (TMD) for at least one year, after securing a deferral on a 20 million euro debt it owes to the State General Reserve Fund (SGRF) of Oman, according to a statement of the fund to the London Stock Exchange (LSE).

TBIL currently owns 61.8 per cent in the retailer. SGRF last year became the investment fund's main creditor through a complex batch of loans and guarantees.

Under an agreement between the fund and SGRF, the debt had to be exchanged for equity, but TMD's minority shareholders - Bulgarian electronics retail group K&K Electronics and Romanian retailer of household appliances Domo, which are the founders of the chains Domo and Technomarket - presented TBIL a bid for acquiring its interest in the company.

In light of the granted deferral, however, a deal with the company’s minor stakeholders is not likely to take place.

In return for the extension, TBIL has agreed to pay a fee of 8.5 million euro to SGRF as soon as it has the needed funds or in the event of offloading part or the entire stake in TMD, as well as 15 per cent of the net proceeds from the possible sale.

If the sale is for more than 45 million euro, Oman will get 30 per cent of the proceeds.

TBIL will also need to delist from the alternative investment market of LSE.


Source: Dnevnik.bg