The financial group EUROHOLD Bulgaria has made an in-kind contribution of the shares of its Bulgarian, Romanian and Macedonian leasing units, to the newly set-up BG AUTOLEASE Holding, which will operate under the EUROELASE Group name. It comprises EUROLEASE Auto Bulgaria and the two eponymous businesses in Romania and Macedonia.
The new group is registered in the Netherlands, to cash in on possibilities to raise capital from more developed markets, EUROHOLD said in a statement. The company will not seek external investment for its leasing group, but might use debt financing such as bank loans and bond issues.
The European Bank for Reconstruction and Development (EBRD) said last month it would extend a EUR 10 million loan to EUROLEASE Auto, under a project to prop up the leasing sector, that was pummeled by the economic downturn. Speaking to investors a few weeks ago, the company announced its plans to buy out more leasing companies in Romania and Macedonia. EUROHOLD plans to boost the share of its leasing business up to 10% of the respective markets. In Bulgaria, EUROLEASE Auto captured some 5% as at end-2009.
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