BULGARIAN consortium Bulyard, which was chosen as the buyer of 75 per cent of the assets of Varna Shipyard and Bulgaria's sea transport operator Navibulgar, on December 10 signed a contract for the establishment of a joint venture to manage the assets of the shipyard.
The contract has already been endorsed by the board of directors of Navibulgar, the Ministry of Transport and Communications said.
Bulyard's winning price of $16.666 million will be paid by the consortium upon the transfer of the shares. This transaction is expected to take place in January next year.
On November 19, Navibulgar filed a claim in the Varna district court for the assessment of the assets of the shipyard which will be put in motion for the establishment of a joint venture. Bulyard in turn also submitted the necessary documentation to the Sofia city court for its registration as a joint-stock company. At the start of last week, Bulyard transferred $1 million to Navibulgar as an advance payment and a guarantee. The money has already entered the accounts of Navibulgar.
Bulyard won the procedure for the establishment of a joint-venture in late October. The company bid the highest price for 75 per cent of the shipyard's assets. Bulyard has also committed to invest a total of $17.7 million for a period of three years after the set-up of the joint venture. The currently employed 720 hands will retain their jobs.
The Bulyard consortium includes the private industrial conglomerate Industrial Hol-ding Bulgaria, Electromachi-nery Holding, Odessos ship repair company and Cyprus-registered Bulcom.
The construction of a new ship may start at the Varna Shipyard in June 2004, said Zlatko Bakalov, member of the board of directors of Bulyard, quoted by Bulgarian news agency BTA.
- Business Staff
The contract has already been endorsed by the board of directors of Navibulgar, the Ministry of Transport and Communications said.
Bulyard's winning price of $16.666 million will be paid by the consortium upon the transfer of the shares. This transaction is expected to take place in January next year.
On November 19, Navibulgar filed a claim in the Varna district court for the assessment of the assets of the shipyard which will be put in motion for the establishment of a joint venture. Bulyard in turn also submitted the necessary documentation to the Sofia city court for its registration as a joint-stock company. At the start of last week, Bulyard transferred $1 million to Navibulgar as an advance payment and a guarantee. The money has already entered the accounts of Navibulgar.
Bulyard won the procedure for the establishment of a joint-venture in late October. The company bid the highest price for 75 per cent of the shipyard's assets. Bulyard has also committed to invest a total of $17.7 million for a period of three years after the set-up of the joint venture. The currently employed 720 hands will retain their jobs.
The Bulyard consortium includes the private industrial conglomerate Industrial Hol-ding Bulgaria, Electromachi-nery Holding, Odessos ship repair company and Cyprus-registered Bulcom.
The construction of a new ship may start at the Varna Shipyard in June 2004, said Zlatko Bakalov, member of the board of directors of Bulyard, quoted by Bulgarian news agency BTA.
- Business Staff
