Privatization Agency, KG Maritime Shipping Sign NAVIBULGAR Privatization Contract

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Privatization Agency, KG Maritime Shipping Sign NAVIBULGAR Privatization Contract

Bulgarian-German consortium KG Maritime Shipping bought a 70 per cent stake of the Navigation Maritime Bulgare EAD (NAVIBULGAR) shipping company. The privatization contract, which was approved by the Council of Ministers at the end-July, was signed Friday by Privatization Agency Head and Yavor Iliev, Executive Director of KG Maritime Shipping, BTA reported.

KG Maritime Shipping acquires 70 per cent of the company's shares for 440,100,000 leva (225,000,000 euro) and the price of a share stands at 57.67 Bulgarian leva. The buyer's company development programme for the next 10 years provides for investment of 780 million leva for the purchase of 25 new ships, and seamen's wages will increase 15 per cent annually in the next five years. At least 60 per cent of the NAVIBULGAR's ships will sail under the flag of either Bulgaria or a European Economic Area member-state.

After the ceremony, Transport Minister Peter Moutafchiev said that 350 million leva from the transaction will be deposited in a Silver Fund intended for higher pensions. This is the third big privatization transaction of the Government in the field of transport after the privatization of Bulgaria Air and Bulgarian River Shipping companies.All three transactions are beneficial for the country, they are of good financial parameters and include social commitments, Moutafchiev said.

Thirty per cent of the shares of KG Maritime Shipping belong to Bulgarian company Advance Properties, owned by brothers Kiril and Georgi Domouschiev. The remaining part is held by KG Maritime Partners, of which 99 per cent are owned by German charter company Martrade Shipping and Transport, based in Duesseldorf, and ship manager Accord Ship Management Ltd, India, holds the remaining one per cent.

Under the strategy for privatization of Navigation Maritime Bulgare, the 30 per cent, which remain state-owed, could be offered to KG Maritime Shipping at a share price not lower than the price offered for the majority package after five years under the condition that the investment programme for that period (372.5 million leva) is implemented and there are no violations of the privatization contract.

"We are constructing three new ships at the Bulyard shipyard in Varna (on Black Sea) and we are negotiating the construction of further ships, as it will be good the fleet to has one and the same type of vessels," Advance Properties owner Kilril Domouschiev told a news conference after the ceremony. He also added that they are negotiating the construction of ten new ships with a 34,000 tonnes dissplacement each. These ships are very good for the NAVIBULGAR's market niche, Domouschiev also said.

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