Negotiations for the Sale of Bulgarian Maritime Shipping Completed

Negotiations for the Sale of Bulgarian Maritime Shipping Completed

The draft privatization agreement for the sale of 70% of the capital of Bulgarian Maritime Shipping was signed today between The Privatization Agency and KG Maritime Shipping, the agency told

The deal, however, is not completed with this agreement. The contract needs to be approved by the Privatization Agency's Supervisory Board and then, by the Council of Ministers.

The buyer will acquire 70% of the company's shares.

The price tag is 440.1 mln leva (225 mln euros), or 57.67 leva/share. The buyer intends to implement a development plan worth 779.880 mln leva (398 mln euros) in the next ten years.

Under the agreement, the buyer is obliged to maintain an average annual cargo tonnage of at least 1.3 mln. DWT. 60% of the total cargo tonnage must be shipped under the Bulgarian flag or that of a country from the EU or the EU economic area.

The buyer also undertakes to keep the average ship personnel at 2,851 people during the first year after the deal, at 2,594 during the second year and at 2,360 – between the third and the tenth year.

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