Four pension funds have acquired each more than 5% of ELANA Agrocredit capital on 22 November 2013. Pension funds were not allowed to participate in IPOs so they could buy shares only within trading session on the Bulgarian Stock Exchange.
Three funds of Allianz Bulgaria as well as Doverie Pension Fund have purchased a total of over 25% of the company capital.
The management of the funds claims to Capital Daily that the reason for investing is the sound business model of ELANA Agrocredit combined with the favourable return forecast and the credibility of the experienced management team.
Mr. Strahil Vidinov, Executive Director of Allianz Pension Company, pointed out before Capital Daily that they were attracted by the security offered by ELANA Agrocredit since the collateral of the leasing contracts is the farm land itself. He said Allianz funds will keep the investment in a period of 3 to 5 years and they also might consider participation in an SPO in 2014.
Mrs. Daniela Petkova, Executive Director of Doverie Pension Company, noted they were attracted by the innovative approach of the leasing company. She said their pension funds will closely monitor the development of the company and after careful analysis will decide whether they would further invest.