First Energy Bank has exited from its investment in Bulgaria. FEB had invested in December 2013 jointly with Borealis in FEBORAN, which is an investment vehicle set up in Bulgaria to acquire 20.3% equity stake in Neochim.
Neochim is Bulgaria’s leading producer and distributor of fertilizers and accounts for a significant share of Bulgaria’s ammonium nitrate output. Neochim is a publicly listed company under the Public Offering of Securities Act, and operates one ammonia plant, two nitric acid plants and an ammonium nitrate plant in Dimitrovgrad in southern Bulgaria.
During end of April 2017, FEB sold its 60% stake in FEBORAN to Borealis.
CEO of FEB, Mohamed Ghanem, commented: “This was a very successful investment for the bank and we would like to extend our appreciation to our joint venture partner Borealis with whom we hope to be involved in other similar investments in the future within the petrochemical sector”.