Albena Holding – share repurchase and restructuring (2002)
Albena is a listed Bulgarian company operating mainly in the hospitality and tourism industry. Albena owns multiple hotels and manages many subsidiaries in industries supporting the core business - transport, medicine and spa, tour operator activity, agriculture and construction.
As a part of its corporate strategy, Albena Holding bought back EUR 2.6mn worth of its shares, which were distributed among its management for motivating purposes. The repurchased shares were acquired from the biggest minority shareholder –Rosen Investment Limited (part of the English investment fund Framlingtan.
In December 2002 Bullbrokers was granted a mandate for the share repurchase. The transaction was completed within one day in January 2003 with an open auction.
Bulbrokers has been appointed to carry further the company's program to repurchase shares.