The Bulgaria Financial Supervision Commission adopted a package of authorisation and supervisory decisions, including approving a prospectus for Ring Estates Company EAD’s bond issue for admission to trading on a regulated market and approving three prospectuses for initial public offerings of warrants by Sopharma AD. The Commission also cleared selected governance and market-infrastructure measures, including amendments to Central Depository AD’s rules linked to Bulgaria’s euro transition. For Ring Estates Company EAD, the approved bond issue comprises 12,500,000 secured, non-convertible, dematerialised, registered bonds with nominal value EUR 1,000 per bond, a floating coupon of six-month EURIBOR plus 1.25% (floored at 3.00% and capped at 5.00% per annum), semi-annual payments, issue date 09.04.2025 and maturity 09.04.2032 (ISIN BG2100006258), and the issuer was entered in the register of public companies and other issuers of securities. For Sopharma AD, three separate warrant issues of up to 8,985,960 warrants each (issue price BGN 0.27) were approved and entered in the register “in process of issuance”, with ISINs BG9200001253, BG9200004257 and BG9200003259; each warrant carries a 1:1 right to subscribe for shares within 3, 5 or 7 years at share issue prices of BGN 3.60, BGN 4.56 and BGN 5.70, respectively. Other decisions included approving Günther Puchtler as a member of the Management Board of GRAVE BULGARIA LIFE INSURANCE EAD, approving the Investor Compensation Fund’s 2026 administrative expenditure budget, notifying Germany’s competent authority of the termination of the offering of units in the “Advance Emerging Europe Opportunities” mutual fund as of 08.01.2026 in connection with its merger into a Luxembourg SICAV subfund, and seeking additional information from Expat Asset Management EAD and Karoll Capital Management EAD for pending fit-and-proper type approvals. Central Depository AD’s rule changes were approved in view of the euro introduction, the termination of the functions of the Real-Time Gross Settlement System (RINGS) as of 01.01.2026, and access to the Trans-European Automated System for Gross Settlement of Express Transfers in Real Time (TARGET).
Bulgaria Financial Supervision Commission 2025-12-16
Bulgaria Financial Supervision Commission approves Ring Estates bond prospectus, Sopharma warrant IPOs and euro-transition rule changes for Central Depository
The Bulgaria Financial Supervision Commission approved authorisation and supervisory decisions, including a prospectus for Ring Estates Company EAD’s bond issue and three prospectuses for Sopharma AD’s warrant offerings. Governance and market-infrastructure measures were also cleared, including amendments to Central Depository AD’s rules for Bulgaria’s euro transition. Additional approvals included management board appointments, budget approvals, and mutual fund offering notifications.