Bulgarian Telecommunication Company (BTC) is officially co-owner of its Bulgarian parent company. This was done after the Sofia City Court overturned the refusal of the Registry Agency to record changes in the Viva Telecom Bulgaria status. It reflects a change in the ownership of Viva Telecom Bulgaria. In a EUR-30-million deal Luxembourg InterV Investment S.a r.l sold part of its ownership in Viva Telecom Bulgaria to the operating company BTC in February. Confirmation of the deal was provided by BTC's report for the first three months of 2017. For the period January-March 2017, BTC's Net Cash Used in Investing Activities increased by over BGN 55 million to BGN 97.5 million. According to the telecom report, this is mainly due to the acquisition of shares in Viva Telecom Bulgaria EOOD. The deal, which has no economic logic, is a way to drain financial resource from BTC, that will go up the complex scheme of ownership in the company and ultimately will be used to pay the credits for the acquisition of the telecom by the group around Spas Rusev, Milen Velchev and the Russian bank VTB. The deal is remarkable and is at the brink of the law because it circumvents the bans on acquiring companies with funds from themselves.
Source: frognews.bg (13.10.2017)