State Privatisation Agency (PA) announced on November 28 that it had set a deadline of January 9 2008 for a final offer for 70 per cent of Navigation Maritime Bulgare (Navibulgare).

Sole bidder for the privatisation was KG Maritime Shipping, Intellinews said.

KG Maritime Shipping was 70 per cent owned by German Martrade Shapping Transport, with the remaining 30 per cent owned by local Advance Properties.

A few earlier, PA said it would opt for a higher price and assessed the indicative offer made by KG Maritime as "unexpectedly good" in terms of investment commitments, Intellinews said.

Net asset value of Navibulgare indicated that the price offer for the 70 per cent share would exceed 350 million euro.