Банкеръ Weekly



The Turkish businessman Soudi Ozkan has decided to acquire all shares of the Sofia-based Novotel Europa. He bought the majority shares two years ago and gave it the name Sofia Princess Hotel. On December 18 Ozkan offered a tender for the purchasing of all shares of the hotel he still does not possess. Till January 12 the minority shareholders will be able to sell to Ozkan their shares at the face value of BGL1. After this date, in accordance with the Law on Public Offering of Securities, Mr. Ozkan who owns several Bulgarian hotels, will be able to request the General Assembly of the Sofia Princess Hotel to write off the company from the public companies register. Soudi Ozkan will have no problems in the General Assembly adopting that decision, as he already owns 90.95% of the hotel's capital.

Minority shareholders may expect to get only BGL1 per share from the suggested buy-out, while in 1998 the shares were offered at the stock exchange even at the price of BGL54 apeace. After the company is written off the register of the State Securities Commission, most probably its shares will be worthless. Soudi Ozkan firmly refuses to distribute dividents before completing the investment programme and finalizing the hotel repairs.

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