The vice chairman and CEO of Shanfari Group of Companies, Dr Adil Said Ahmed al Shanfari, has acquired a 24.93 per cent stake in Bulgaria's Investbank for 50mn Bulgarian levs (RO12.2mn), according to recent media reports.
Bulgarian National Bank (BNB), the central bank, has approved the acquisition by Shanfari of 29.7mn voting shares, or 24.93 per cent of capital, in Investbank, BNB said in a press release last week.
"The information about Shanfari and his professional life has been officially confirmed in a letter from the Central Bank of Oman to the Bulgarian National Bank," said BNB.
After the acquisition by Shanfari, the capital of Investbank will increase by 50mn Bulgarian lev in order to fully meet the recommendations made by BNB, the release added. The deal follows BNB's insistence on Investbank increasing its capital by 50mn Bulgarian lev.
Festa Holding AD, a Bulgarian company which currently owns a 72.5 per cent stake in Investbank, will continue to remain a majority stakeholder in Investbank after the acquisition by Shanfari.
The Shanfari Group has diversified interests spanning a variety of activities including roads and infrastructure, tourism, automotive, metal industry, ready-mix concrete, aluminium as well as oil and gas.
The group, which was established in 1960, has field operations, manufacturing facilities and offices across the sultanate.
© Muscat Daily 2012
