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Trans Balkan Investments going ahead with sale of TechnomarketDomo

Tue, Jan 04 2011 08:29 CET

byDnevnik.bg

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Trans Balkan Investments going ahead with sale of TechnomarketDomo

Photo: Reuters

London-listed fund Trans Balkan Investments Ltd (TBIL), formerly Equest Investments Balkans, is proceeding with plans to sell electronics retailer TechnomarketDomo (TMD), which has business in Bulgaria and Romania, according to a company statement to the London Stock Exchange.

The sale, proposed in summer 2010, has been triggered by TBIL's weakened liquidity and deteriorated property portfolio.

The fund's board has concluded that "the only realistic option for TBIL is to sell its 61.8 per cent holding in TechnomarketDomo as soon as it can reasonably be achieved".

Soon after TBIL announced plans to sell its stake, TMD's minority shareholders - Bulgarian electronics retail group K&K Electronics and Romanian household appliances retailer Domo, made a bid to acquire TBIL's interest in the company.

In October, the fund secured a 12-month deferral on its 17 million euro debt to the State General Reserve Fund (SGRF) of Oman, which allowed the company to proceed with the sale of TMD. The fund's latest bourse filing, however, contained no information about getting any bids for the holding.

TBIL agreed to pay a fee of 8.5 million euro to SGRF in return for the extension, as soon as it has the 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 TBIL gets more than 45 million euro from the sale, Oman will receive 30 per cent of the proceeds.

Source: Dnevnik.bg

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