Synergon Holding Sells Subsidiary For 6.8 Mln Euros

Following a decision of the Supervisory and Management Board dated October 18, Synergon Holding Sofia sold 2,948,574 shares, or 95.12% of the capital of Electrodes Jsc at a price tag of 6.8 mln euros.

The buyer is Exelvia International Holding, a subsidiary of ESAB. ESAB is one of the leading companies in the world in the production of welding and cutting equipment.

Synergon had invested BGN 4.638 mln in Electrodes, according to the company's financial report.

Electrodes Jsc is the only industrial producer of electrodes for manual arc welding in Bulgaria.

Synergon Holding is majority shareholder in 21 other companies. The company posted net consolidated profit for 2007 H1 in the amount of 2.116 mln leva (1.081 mln euros), which is 53.13% down from a year ago.

Main shareholders are Omega BD Holding with 25.54% of the capital and Petrol-In Jsc with 21.19%.

The stock added 1.56% to 16.23 leva today at a turnover of 8,866 shares.

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