A 70 per cent stake in Navigation Maritime Bulgare will be sold to a strategic investor, according to the draft strategy on the company’s privatisation.

The strategy was presented on August 4 by Transport Minister Petar Moutafchiev.

The chairperson of the parliamentary committee on transport and communications, Yordan Mirchev, as well as MPs of all parties represented in Parliament, and members of the public attended the discussion on the document.

The strategy was submitted to public discussion before being introduced to the Cabinet, Moutafchiev said.

He emphasised that by privatising the shipping company, the state was not giving up the sector. The idea was to restructure and modernise the shipping industry, he said.

Under the strategy, five years after Navibulgare’s privatisation, the remaining 30 per cent of the company’s capital will be offered for sale on the stock exchange.

The buyer will have to retain the core business of the company for 10 years, to keep the company’s registered office in Bulgaria, and to ensure that no less than 60 per cent of Navibulgare’s fleet are Bulgarian-flagged.

The buyer would also have to fulfil the tasks related to national security, Moutafchiev said giving no further details.

As The Sofia Echo reported previously, the strategy for the privatisation of Navibulgare sparked a conflict among ministers when it was first discussed by the Cabinet on July 27. As a result, the review of the strategy did not result in any decision.
 
Bulgarian-language media reported on July 28 that the ministers of defence, internal affairs and state administration opposed the draft proposed by a working group headed by Moutafchiev. Deputy Prime Minister and Foreign Minister Ivailo Kalfin and Economy and Energy Minister Roumen Ovcharov were reportedly also against the proposed sale strategy.

State Administration Minister Nikolai Vasilev reportedly said at the Cabinet meeting that the proposed procedure would discourage fleet operators and would facilitate the participation of charter companies in partnership with Navibulgare executives.