BM Star, Fraport's Bulgarian partner in the concession of Black Sea airports of Varna and Bourgas, has decided to withdraw from the consortium, BM Star sources told mediapool.bg.

BM Star had transferred its shares to the majority shareholder Fraport and the deal would be announced at a managing board summit on February 14 2008, mediapool.bg said.

According to the same sources, the executive director of the Fraport Twin Star Airport Management consortium, Tihomir Trifonov, would also be replaced.

The Bulgarian company held 40 per cent of the shares in the consortium and rumors regarding its withdrawal had been going round for at least half an year, mediapool.bg said. BM Stars has denied the information regarding its withdrawal.

Fraport Twin Star Airport Management won the concession for the Bourgas and Varna airports' on September 10 2006 after a drawn-out tender procedure. In January 2008, the company registered a record-breaking growth in the number of passengers serviced at Bourgas Airport, an increase of 323.2 per cent, compared to the same month of last year.

The increase was caused mainly by the fog problems of Sofia Airport in the autumn and winter of 2007 and the re-direction of flights to Bourgas. Varna Airport registered a three per cent increase.

According to the concession deal, Fraport Twin Star Airport Management has to pay Bulgaria 19.2 per cent of its annual income.