The Bulgarian government has converted its golden share in Sofia-based mobile operator Vivacom into a common share and delisted the company from the stock exchange.
The golden share, operated through the ministry of transportation and…
The Bulgarian government has converted its golden share in Sofia-based mobile operator Vivacom into a common share and delisted the company from the stock exchange.
The golden share, operated through the ministry of transportation and telecommunications, had until now given the government the right to veto certain decisions.
The decision was announced at the company’s general meeting on Monday.
Viva Telecom Bulgaria, owned by affiliates of the Bulgaria’s Corporate Commercial Bank and Russia’s VTB Bank, holds all Vivacom ordinary shares.
The company has gone through a number of ownership changes in recent years but in November last year Viva Telecom Bulgaria paid €130m (US$165m) for a 93.99% stake in the firm. A restructuring agreement with creditors allowed Viva to clear debts of around €588m.
In January, Viva launched a tender to take full control of the company offering Lv2.80 (US$1.92) per share for the 5.9% interest it did not already own. This was successfully completed in July.