A total of four companies have purchased the tender documentation for the sell-off of 65% in Municipal Insurance Company, a check-up conducted by Profit.bg shows.

These are: LM Impex, Zavarovalnica Triglav d.d. Of Ljubljana, Minna Kompania EOOD and Magazini Evropa AD. The three Bulgarian companies are controlled by energy tycoon Hristo Kovachki.

A total of 4.195 mln shares, accounting for 65% of the capital of the insurance company, will be sold on November 6, 2008.

The stake represents the holdings of Sofia municipality, Sofiyski Imoti and Parkingi i garagi JSC in the insurer.

The starting price for the 65-percent stake in Municipal Insurance Company stands at 9.6 mln leva, while the increment is set at 400,000 leva. The deposit participants in the procedure have to pay stands at 960,000 leva.

Municipal Insurance Company booked 3.4 mln leva premium income in the first five months of 2008, or a 0.58-percent share of the general insurance market in the country.

Photo: BGNES