AIG ups BTC holding to 94%; prepares to delist

27 Nov 2007

Insurance giant AIG has boosted its stake in Bulgarian fixed line telco Bulgarian Telecommunications Company (BTC) to 94% following its buyout offer to minority shareholders, the company said in a statement to the Bulgarian Stock Exchange. AIG, which acquired 90% of the former fixed line monopoly in August via its subsidiary AIG Investments for EUR1.4 billion, was required to launch the offer under Bulgarian legislation. The conclusion of the offer paves the way for AIG to press on with plans to delist the company from the Sofia Stock Exchange.

Bulgaria, Vivacom (BTC)