German-Bulgarian consortium KG Maritime Shipping is the winner of the tender procedure for the privatization of 70% of the capital of Navigation Maritime Bulgare (Navibulgar), the government decided. The buyer has committed to invest nearly 800 mln leva in the modernization of Navibulgar, the Bulgarian National Radio reported.

The privatization contract for the sale of 7,631,000 shares, accounting for 70% of the capital of Navibulgar, will be signed in a 60-day period, the government decided. The buyer has offered slightly over 440 mln leva.

The investment programme of the company spans over a 10-year period and envisages the purchasing of 25 new ships, as well as the replacing of old vessels with newer ones.