Varna-based industrial group TIM received on March 11 permission from Bulgaria's Commission for Protection of Competition (CPC) to acquire of minority stakes in two Black Sea airports, in Varna and in Bourgas.

CPC said in a statement it allowed Chimimport, a holding company owned by TIM, to buy Molet, the parent company of BM Star, which in turn owns 40 per cent in Fraport Twin Star Airport Management, the two airports' concessionaire.

Fraport Twin Star Airport Management, the joint venture in which Germany's Fraport owns 60 per cent, 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.

BM Star was reported to be looking for an exit from its investment last month, although the company denied such intentions at that time.