Emerging markets private equity investor CVCI, a subsidiary of the alternative asset management division of investment bank Citigroup, has acquired a 37% stake in Huvepharma, the Bulgarian animal health company announced. The price of the deal is EUR 75 M. The purchase was wrapped up on November 30 after it got a seal of approval by the European Commission. The deal involves a primary issuance as well as a stake purchase from controlling shareholders, including Advance Properties, a Bulgarian investment holding company. Huvepharma is a manufacturer of pharmaceuticals for the livestock market, specializing in the poultry, swine and cattle segments. It also produces nutritional feed additives and niche veterinary products. 65% of Huvepharma's produce is exported to the EU and North America. Huvepharma is the majoring shareholder of Biovet Peshtera, a leading European manufacturer and marketer of medicated and nutritional feed additives, enzymes, bulk active substances and pharmaceuticals for animal productivity and health. The company offers intermediates, active ingredients and medicines for the human pharmaceuticals industry as well as enzymes, enzyme complexes and other ingredients for the baking, wine, brewing, detergents, and textiles industries. The news about the CVCI investment into Huverpharma caused the shares of its subsidiary Biovet to skyrocket on the Bulgarian Stock Exchange gaining 5.4%. Huvepharma is controlled by brothers Kiril and Georgi Domuschiev, whose KG Maritime Shipping in a consortium with the Duesseldorf-based German company Martrade Shipping & Transport GmbH purchased in 2008 Bulgaria's state sea shipping company, Navigation Maritime Bulgare (aka NAVIBULGAR). The acquisition of 37% in the Bulgarian animal health company Huvepharma by Citi Venture Capital International (CVCI) is the third biggest deal on the mergers and acquisitions (M&A) market in Bulgaria last year.
Source: Dnevnik (20.01.2011)

Investment funds of Citigroup, managed by Citi venture Capital International (CVCI), have acquired 37% of Bulgarian drug maker Huvepharma for 75 million euro. The deal values the company at EUR 200 million, which lines it up among the top five acquisitions for 2010 in Bulgaria. The controlling stake in the company of 80% before the deal was held by Advance Properties Ltd. and the remaining 20% by Europe Park Development JSC. Money from the capital raise - about BGN 55 million will go directly into Huvepharma and the other nearly BGN 92 million to the treasury of Advance Properties and Europe Park Development.
Source: Dnevnik (21.01.2011)

Bulgarian veterinary drug maker Biovet (BSE:53B), controlled by Huvepharma, will draw a EUR 13 million loan from Citibank Sofia Branch to fund the construction of its plant in the northeastern town of Razgrad, the company said on Wednesday. The finance has a one-year grace period and must be repaid by March 9, 2017 in 60 equal monthly installments. The funds will be also used for purchasing machinery and equipment for the facility. Biovet will invest a total EUR 25 million in the new plant, which is expected to create 220 jobs. The company broke ground on the project in 2010 and projects that construction works will take up one year.
Source: Dnevnik (10.03.2011)

Biovet JSC - Peshtera has appointed Annual general meeting on 21.05.2010. Meeting agenda includes: adoption of the Annual Report for Year 2009.
Source: Registry Agency (02.05.2011)

The General Meeting of the shareholders of Biovet JSC - Peshtera, Bourse code 53B, which was held on June 24, 2011, adopted the annual report for 2010. The company reported a profit to the amount of BGN 6 230 553.96.
Source: Capital market (27.06.2011)

Bulgarian veterinary drugs producer Biovet said on Friday it restructured a loan from local MKB Unionbank increasing its size to 8.0 million euro from 5.0 million euro. The agreement which the company signed with the bank also envisages extending the repayment period from May 20, 2011 to May 20, 2012, the company said in a statement filed with the Bulgarian Stock exchange (BSE). The loan agreement, which Biovet signed on May 26, 2010, sets the annual interest rate at one-month EURIBOR plus 3.0% adding to no less than 6.9%. (SeeNews)
Source: Dnevnik (18.07.2011)

Bulgarian veterinary drugs producer Biovet said on Tuesday its non-consolidated net profit fell by an annual 67.4% to 1.75 million levs in the first half of the year. Biovet’s net income from sales dropped to 60.9 million levs in the six months through June from 61.6 million levs a year earlier, the company said in a statement filed with the Bulgarian Stock exchange (BSE). Biovet’s total assets rose to 152.5 million levs at the end of June from 140.1 million levs at the end of 2010. (SeeNews)
Source: Dnevnik (27.07.2011)