THE chairperson of the board of directors of Navibulgar, Kamen Kirov, said last week that by October 20 there might be a buyer for 75 per cent of the assets of Varna Shipyard. The new procedure for the sale of the shipyard has already started.
Although the old procedure proposed by former transport minister Plamen Petrov was said to be counterproductive, it will be applied almost entirely anew. However, there will be several different aspects. The bank guarantee required should be 10 per cent of the price of the assets up for sale, while the deposit of 500 000 leva required in the previous tender has been dropped from requirements.
According to Transport Minister Nikolai Vassilev, the requirements for participation of the new bidders have been eased, yet the demands on the future partner of Navibulgar have been increased. The new owner will have to stick to the activities of ship-building and repair, and retain the current 700 employees.
The future owner will be restricted from selling production assets for at least three years. During that period, he will have to provide a two million leva bank deposit as a guarantee that all conditions will be met.
The opening sale price at the tender will be about 20 million leva.
Vassilev said the search for an investor for Varna Shipyard could open the way for a possible future strategic investor for the entire Navibulgar.
At the same time, a procedure for the sale of old ships will also be launched. These are ships which need constant repairs and draw more costs than incomes.
The previous privatisation of Varna Shipyard ran aground in late August, after the approved candidate, the United Kingdom's Baker Investments, gave notice in writing that they were withdrawing from the procedure.
Although the old procedure proposed by former transport minister Plamen Petrov was said to be counterproductive, it will be applied almost entirely anew. However, there will be several different aspects. The bank guarantee required should be 10 per cent of the price of the assets up for sale, while the deposit of 500 000 leva required in the previous tender has been dropped from requirements.
According to Transport Minister Nikolai Vassilev, the requirements for participation of the new bidders have been eased, yet the demands on the future partner of Navibulgar have been increased. The new owner will have to stick to the activities of ship-building and repair, and retain the current 700 employees.
The future owner will be restricted from selling production assets for at least three years. During that period, he will have to provide a two million leva bank deposit as a guarantee that all conditions will be met.
The opening sale price at the tender will be about 20 million leva.
Vassilev said the search for an investor for Varna Shipyard could open the way for a possible future strategic investor for the entire Navibulgar.
At the same time, a procedure for the sale of old ships will also be launched. These are ships which need constant repairs and draw more costs than incomes.
The previous privatisation of Varna Shipyard ran aground in late August, after the approved candidate, the United Kingdom's Baker Investments, gave notice in writing that they were withdrawing from the procedure.
