Bulgaria's Privatisation Agency (PA) has extended the deadline for the final bid in the sale of state-owned shipping firm Navigation Maritime Bulgare (Navibulgar) to February 28 2008.

The agency said it needed more time to sort out technical details of the procedure with the sole finalist in the tender, the consortium between Bulgarian firm KG Maritime Shipping and German-registered Martrade Shipping Transport. It was the second time the PA extended the deadline.

The consortium made its offer in November 2007 and was the only firm to meet the agency's criteria. Although a total 24 firms and consortiums bought tender paperwork in 2007, only three had submitted preliminary bids for the 70% stake in the company put on sale by the PA. The winner would have an option to buy the remaining shares at a later date, according to Navibulgar's privatisation strategy.

Navibulgar owns 77 cargo ships, mostly bulk carriers with some container and tanker ships, according to its website.