Bahrain bank exits investment in Bulgarian fertilizer giant
Bahrain-based First Energy Bank (FEB) has exited its investment in a Bulgarian producer and distributor of fertilizers, Arabian Business reported.
FEB had invested in December 2013 jointly with Borealis in Feboran, an investment vehicle set up in Bulgaria to acquire a 20.3 percent equity stake in Neochim, a company listed on the Sofia Stock exchange.
Neochim accounts for a significant share of Bulgaria’s ammonium nitrate output and operates one ammonia plant, two nitric acid plants and an ammonium nitrate plant in Dimitrovgrad in southern Bulgaria.
FEB said in a statement that it has sold its 60 percent stake in Feboran to Borealis, without disclosing a value for the deal.
Mohamed Ghanem, CEO of FEB, said: “This was a very successful investment for the bank and we would like to extend our appreciation to our joint venture partner Borealis with whom we hope to be involved in other similar investments in the future within the petrochemical sector."/ Focus News Agency
- » Bulgaria's EU Funding Won't Be Reduced in the Next 7-Year Programming Period
- » Bulgaria's Exports to the EU Increase by 3.6 %
- » NSI: The Number of Employees under Labour Contract Decreased by 39.1 Thousand or 1.7% as Compared to the End of June 2019
- » Rumen Radev: For 30 Years the Bulgarian Polar Explorers Created a Small Bulgaria on the Ice Continent
- » Moody's Downgraded India's Credit Rating Outlook
- » Nikolina Angelkova: 60% of the Tourists in the Winter Season will come from Neighbouring Countries