A tender procedure for the sale 4.195 million shares, accounting for 65.55% of the capital of Municipal Insurance Company, will be held on November 6, 2008, the Sofia Municipal Privatization Agency (SMPA) said.

The state is held by Sofia municipality, Sofiyski Imoti Jsc and Parking i Garagi Jsc.

The starting price stands at 9.6 mln leva (4.9 mln euros), while the bidding increment is set 400,000 leva (204,500 euros). The candidate buyers will have to pay 960,000 leva (490,850 euros) deposit to take part in the procedure.

The candidates will be able to buy the tender documentation until May 8, 2008 at a price of 1,200 leva (615 euros), while the information memorandum will be sold for 2,400 leva (1,225 euros) until October 20, 2008.

Municipal Insurance Company booked 6.294 mln leva (3.21 mln euros) premium income as at November 2007, which translated into 0.59% market share. The insurance company posted 76,000 leva (38,900 euros) profit for 2007, compared to 157,000 leva (80,300 euros) loss for the previous year, data of the Financial Supervision Commission (FSC) show.