Bulgaria's MonBat deposits 1.5 mln euro with local Prista Oil

Bulgarian car battery maker MonBat [BUL:5MB] said on Monday it deposited some 2.93 million levs ($2.0 million/1.5 million euro) with its majority owner, local lubricants producer Prista Oil Holding.

The six-month deposit contract bears an annual interest of 6.0% and has an option for extension under the agreed terms, MonBat said in a note to investors.

"The conditions of the deposit are not less favorable than the market conditions in the country," MonBat said in a note to investors.

In March 2012, the car battery maker signed two one-year term deposits with Prista Oil Holding, the first one for 1.0 million levs and the second one for 600,000 levs, both with an annual interest rate of 6.5%.

Prista Oil Holding owns 68.5% of the car battery maker.

(1 euro=1.95583 Bulgarian levs)

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