By Staff writer
First Energy Bank says it has sold 60% stake in Feboran to joint investor Borealis
Bahrain-based First Energy Bank (FEB) has exited its investment in a Bulgarian producer and distributor of fertilizers.
FEB had invested in December 2013 jointly with Borealis in Feboran, an investment vehicle set up in Bulgaria to acquire a 20.3 percent equity stake in Neochim, a company listed on the Sofia Stock exchange.
Neochim accounts for a significant share of Bulgaria’s ammonium nitrate output and operates one ammonia plant, two nitric acid plants and an ammonium nitrate plant in Dimitrovgrad in southern Bulgaria.
FEB said in a statement that it has sold its 60 percent stake in Feboran to Borealis, without disclosing a value for the deal.
Mohamed Ghanem, CEO of FEB, said: “This was a very successful investment for the bank and we would like to extend our appreciation to our joint venture partner Borealis with whom we hope to be involved in other similar investments in the future within the petrochemical sector."For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.