New owner to revamp Internet company Bitex into property investment firm
EuroFinance Capital has acquired 87% of Bulgarian Internet supplier Bitex (Bulgarian Information Technologies), it was announced on Friday, October 7.
EuroFinance Capital, which paid 0.02 levs per unit for 2.523 mln Bitex shares, intends to restructure the company into an investment vehicle. A general meeting of shareholders will be called to raise the capital of the company and redefine its line of business.
The idea is to raise Bitex’s capital from 2.9 mln to 20 mln levs and attract foreign shareholders.
EuroFinance Capital said it is already restructuring the debts of the acquired company to make it more attractive for investors. Bitex ran up a debt of 740,000 levs in the first half of 2005.
EuroCapital Finance is active on Bulgaria’s real estate market with a property portfolio worth 10 mln euro.
Bitex reported revenues of 1.35 mln levs and a loss of 124,000 levs for 2004.
Bitex was registered in 1996 under the name BIT. In 2000, it was bought by U.S.-registered Worldfast Communications Inc. and renamed to BITEX.COM. After a series of equity deals, Greece’s Promota Hellas SA acquired an 87% stake in Bitex. EuroFinance Capital owns Promota Bulgaria.
(Dnevnik)
