Holding Varna AD, is a Bulgaria-based holding company engaged in the acquisition, appraisal and managing of shares, bonds as well as the cession of licenses for patents. It specializes in the restructuring and management of its subsidiaries, the establishment of new subsidiaries, as well as the investment in and financing of other enterprises, in which it is a shareholder. The Holding has shares in Bulgarian companies active in different business sectors: tourism, textiles and apparel, finance and asset management, industrial engineering, household appliances and equipment and real estate. It holds stakes in such companies as TPO EOOD, Real Finance Asset Management AD, Kamchiya AD, Elektroterm AD, Ravda Tour EOOD, Golf Plus EOOD and others. As of December 31, 2011, the Company’s major shareholder was Andezit OOD with a stake of 48.93%.