Fri, Feb 10 2012

Sale of state-owned Navibulgar shipping company officially sealed

Fri, Aug 08 2008 15:03 CET

byPetar Kostadinov

779 Views

German-led consortium KG Maritime Shipping and Bulgaria's Privatisation Agency has signed a deal for the sale of 70 per cent of maritime shipping company Navibulgar, Bulgarian Focus news agency said on August 8 2008.

The Government decided to sell 7.6 million of Navibulgare shares, for a total of 440.1 million leva. The state will own the remaining 30 per cent of the company's shares for the next several years, according to the Government's privatisation strategy.

The deal, approved by the Cabinet on May 15, was not a surprise since KG Maritime Shipping, a link-up between German and Bulgarian company, placed the only valid bid for the shipping company, although 24 parties bought tender documentation in 2007 when the tender procedures were launched.

Besides the price money for the majority stake, the consortium pledged to invest 779.9 million leva over the next 10 years, including the acquisition of 25 new ships, which would allow it to replace some of Navibulgare's current fleet.

The consortium will have to maintain a minimum number of sailors on payroll through that period and hike wages by at least 15 per cent.

German-registered KG Maritime Partners, owned by Duesseldorf-based Martrade Transport&Shipping GmbH and Mumbay-based Accord Ship Management (Pvt) Ltd, holds 70 per cent in the consortium.

The remainder is owned by Bulgarian firm Advance Properties Sofia, controlled by the brothers Kiril and Georgi Domuschievi, according to Bulgarian-language Dnevnik daily.

  • Print
  • Send via email
  • Translate to
  • Share:

To post comments, please, Login or Register.


Please read the The Sofia Echo forum comments policy.

Shipping firm Navibulgar to purchase 10 new ships

Bulgarian shipping company Navibulgar will sell some of its current ships to help finance the deal. Five ships have so far been sold.

More in this category

Average monthly salary in Bulgaria rose in Q4 2011, statistics institute says

In the fourth quarter of 2011, the average monthly salary increased to 727 leva, 4.9 per cent higher than in Q3, the National Statistics Institute says.

Global food prices rebound, FAO says

For the first time in six months, global food prices rose overall in January 2012, the UN Food and Agricultural Organisation said.

Bulgaria mulls tighter regulation of bank fees - updated

The package will be discussed with the Association of Bulgarian Banks before the amendments are submitted to Parliament.

Bulgarian ICT Watch event in March

Debate at the half-day event will cover what has been achieved so far and what further can be done by the Bulgarian Government to support development of the market.

Movers and shakers

Selectivity, not popularity, is the driving force behind Sofia's most exclusive members' only club.

Appointments

British Council

British Council

Lyubov Kostova was appointed country manager of British Council Bulgaria effective January 1, replacing Tony Buckby, who left in October 2011 to take a similar position at British Council Greece. Kostova has been with British Council Bulgaria for 11 years, as public communications manager and, since 2008, as the head of project and partnerships department. Prior to joining the British Council, Kostova was head of international activities at the National Academy for Theatre and Cinema Arts (NATFIZ). She has a degree in Indian studies from Kliment Ohridski Sofia University.

CEZ

CEZ

Stefan Apostolov is the new chief executive of CEZ Razpredelenie Bulgaria, the power transmission subsidiary of Czech energy company CEZ in the country. He replaces interim chief executive Ales Damm, who remains the chairperson of the CEZ Razpredelenie management board. Apostolov has 30 years of experience in the energy sector, joining CEZ in 2007 as director of customer service and was later appointed as head of business development. Apostolov has a master's degree in electric systems from the Belorussian National Technical University in Minsc, management diplomas from Open University London and New Bulgarian University, as well as a master's degree in business administration from Plovdiv University.

BASF Bulgaria

BASF Bulgaria

Valentina Dikanska is the new general manager of chemical industry giant BASF subsidiary in Bulgaria, taking over from Herbert Fisch, BASF vice president for Southeastern Europe. Dikanska, who started her career as an expert in the Finance Ministry, joined BASF Bulgaria as director of finance and administration in 2002. She becomes the first Bulgarian to hold the top management position in the company in its 40-year history on the Bulgarian market. Dikanska holds a master's degree in economics from the University for National and World Economy in Sofia.

Rompetrol Bulgaria

Rompetrol Bulgaria

Alexander Albin has been appointed chief executive of fuel distributor Rompetrol Bulgaria, replacing Nichita Sorin, who left to become chief executive of Rompetrol Gaz in Romania. Albin was previously chief executive of Rompetrol Georgia. He has more than 15 years of experience in the oil and gas industry; prior to joining Romania's oil group Rompetrol in 2008 as an adviser, he oversaw operations at Atyrau refinery in Kazakhstan, owned by Rompetrol's parent company KazMunaiGaz. He previously held top management positions at two other leading Kazakh oil and gas companies.

© 2000-2012, Sofia Echo Media Ltd.

Web Design by RIZN

Sofia Echo Media is part of the Economedia Group.
The news and information content on this website is provided by our editorial team and is copyrighted. Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site. Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com. Sofia Echo Media cannot be held responsible for the statements contained in visitor comments. The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes, and should not be used as a basis for decisions about buying or selling stock options.