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Bulgaria's IHB Electric sells properties for 10.4 mln euro

Author: Ken Teegardin. License: Creative Commons, Attribution 2.0 Generic.

SOFIA (Bulgaria), March 15 (SeeNews) - Diversified group Industrial Holding Bulgaria (IHB) [BUL:4ID] said on Thursday its unit IHB Electric has finalised a deal for the sale of land along with the buildings on it for a total of 20.3 million levs ($12.8 million/10.4 million euro).

Before finalising the deal, IHB Electric received approval from its shareholders, as well as from IHB's management board, the diversified group said in a statement.

The Financial Supervision Commission has been notified of the transaction in line with legal requirements, IHB added.

In November last year, IHB Electric delisted from the Bulgarian Stock Exchange.

IHB Electric produces hydro power generators, electric motors, turn-key electro-mechanical equipment and provides services for hydro power plants, pumping stations and irrigation systems.

(1 euro = 1.95583 levs)

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