Bulgarian investment company Alpha Bulgaria AD (BUL:ALFB) said it will seek shareholder approval to buy up to 200,000 shares in local motor and industrial oil producer Prista Oil Holding EAD worth BGN 20 million ($11.2 million/EUR 10.2 million). The deal should be concluded by the end of 2025, Alpha Bulgaria said in a stock exchange filing on March 08, 2024. At the end of 2023, Alpha Bulgaria fully subscribed to Prista Oil's capital increase, purchasing all 97,791 shares offered for BGN 9.8 million in total, the investment firm said in an earlier statement.

The remaining 376,414 shares are held by local investment company Prista Invest 2016. By raising its stake in Prista Oil, Alpha Bulgaria aims to solidify its presence on the lubricant products market, supporting the oil producer's growth and expansion into new markets. Additionally, the firm plans to invest in modernising and optimising Prista Oil's production facilities.

The move is expected to increase Alpha Bulgaria's market capitalisation and will grant the investment firm an indirect stake in local battery maker Monbat [BUL:MONB], in which Prista Oil Holding owns 42.73%. The proposal will be put to the vote at an extraordinary general meeting of shareholders scheduled for March 15, 2024.