Majority Stake in Insurance Company DZI Transferred for More Than 50 Mln Leva


The 70% (2.7 mln shares) stake in Insurance and Reinsurance company DZI was transferred at 188.368 leva per share, or for a total of 509 mln leva (260.247 mln euros), at 12.37h today.

The seller is Contract Sofia Ltd and the buyer – KBC Insurance NV, which is 100% controlled by KBC Group NV, Belgium.

We remind that the contract for the sale of the 70% stake was signed on 29 January 2007.

The price of the stake is 185 mln euros plus 70% of the undistributed profit from the sale of the stake DZI and Galaway Ltd (100% controlled by ZPAD DZI and ZPAD DZI – General Insurance) hold in DZI Bank AD which is worth around 75 mln euros.

In May the Financial Supervision Commission approved the agreement. The Commission set the deadline for the acquisition on 1 September 2007.

It is expected that the buyer will make a tender offer to the rest of shareholders in order to delist DZI from the public register.

At a general meeting held at the end of June, shareholders decided to allocate 1 389 000 leva (710,184 euros) of the company’s 2006 profit, which is in the amount of 162 895 067.51 leva (83.286 mln euros), or 42.87 leva per share, to the Reserves Fund. The other 161 506 067.51 leva (82.576 mln euros) will remain as “Undistributed profit from prior periods”.

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