Chemical firm Petar Karaminchev to exit bourse

Chemical firm Petar Karaminchev to exit bourse

Shareholders of Bulgarian chemical maker Petar Karaminchev will vote on the company's delisting from the Bulgarian Stock Exchange (BSE), showed the extraordinary meeting agenda. The firm will also adopt a new statute to reflect its new status. The delisting will take effect after the majority owner, industrial group Synergon Holding, closes its buyout bid to minority stockholders. Synergon, which controlled 90.04% in the chemical firm before the tender offer, proposed a buyout price of BGN 4.05 a share. The bourse bulletin and Synergon’s website, however, do not give details on the number of shares the company snapped. Trade in Petar Karaminchev's stocks has been traditionally low, increasing the likelihood of a delisting after October unless the company comes to investors' focus and materially improves its liquidity. The delisting means stockholders will be banned from trade on the OTC market. A couple of months ago, the Rousse-based firm, which produces artificial leather and construction goods, offloaded real estates to raise much-needed cash amidst the raging crisis.