Stara Planina Hold and HES each subscribe 20% of new insurance company (NEGATIVE)

Stara Planina Hold and Hydraulic Elements and Systems (HES), in which the group owns 64.53%, have each subscribed 20% of the share capital of a newly set-up insurance company, Asset Insurance, by paying BGN 2.1m for their stakes in the insurer. Stara Planina Hold started investing in non-core businesses in 2011, when it purchased a nearly 20% combined stake of International Asset Bank through Hydraulic Elements and Systems and Elhim Iskra, which it later reduced to 12.97% - 6.53% held by HES and 6.44% held by Elhim Iskra.