History

DOVERIE – UNITED HOLDING AD (DUH AD) is the successor of the Doverie United Bulgarian Privatization Fund AD (Doverie UBPF AD).

  • In 1996, under the supervision of Oleg Nedyalkov and the United Bulgarian Bank (UBB) AD, seven companies created the Doverie UBPF AD. Its founders were: UBB AD; National Insurance Institute, Darik Radio AD, Ever Financial House AD, LIMEX Commercial Group AD (specialising in training and qualification), Andema AD (editors of one of the specialised content economic newspapers in Bulgaria) and Cresta Consulting OOD (specialising in the field of financial consulting services). Having more than 260,000 shareholders holding shares of around BGN 6.6 m, Doverie UBPF AD became the largest privatization fund, uniting 9 per cent of all emitted privatization bonds.
  • Around BGN 6.5 m were invested in the form of shares in a total of 174 companies during the three centralized auctions in 1996 and 1997.
  • In 1998, by decision of the General Meeting of the Shareholders, the fund was restructured in a holding.
  • In the period from 1998 to 1999, DUH AD continued building its investment portfolio. The shareholdings of a few strategic companies were increased, while some of the shares in the companies regarded as short-term investments were sold. DUH AD registered a number of subsidiaries as holding structures specialising in different economic sectors.
  • In 2000 DUH AD underwent another restructuring, dividing its shares between two structures: Industrial holding – doverie (IHD AD) and Doverie – Capital AD. IHD AD took control of the privatized companies, and Doverie – Capital AD took control of the new investment projects and companies in which DUH AD had strategic partners.
  • In 2007 – 2008 Sopharma JSC acquired a large number of shares in DUH AD and became the main shareholder of the holding.
  • By decision of the General Meeting of the Shareholders, in July 2004 the capital of the company was increased to BGN 13,149,848. In 2008 and 2012 new increases ensued – to BGN 14,006,093, respectively to BGN 18,736,099. The last capital increase is from September 2021 and currently it amounts to BGN 21,499,855.