KG Maritime Shipping Pays 440 Mln Leva for Navibulgar
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KG Maritime Shipping paid today the price for the privatization of Navigation Maritime Bulgare (Navibulgar). The contract for the sale of 70% of the capital of Navibulgar was officially signed last Friday (August 8) by Bulgaria's Privatization Agency (PA) and KG Maritime Shipping.
The PA transferred the ownership of 7.63 mln shares in Navibulgar to KG Maritime Shipping after the company paid a total of 444 mln leva.
The overall financial effect of the contract amounts to 1.22 bln leva, including 440,100,000 leva price on the deal and 779.88 mln leva investments in the company.
The contact envisages a 15-percent annual increase in the remuneration of the 2,432 employees of the company.
KG Maritime Shipping's 10-year investment investment program envisages the purchasing of 25 new ships and the replacement of the outdated vessels with new ones.
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