May 15, 2008
SOFIA, Bulgaria-Bulgaria's government has approved a deal to sell a
70 percent stake of a state-run merchant marine operator to a German-led
consortium for €225 million (US$349 million), Prime Minister Sergei
Stanishev said Thursday.
The Bulgarian-registered consortium KG Maritime Shipping, led by Germany's
Martrade Shipping & Transport, was the sole remaining bidder.
Two other bidders, Essar Shipping & Logistics Ltd., based in Mumbai,
India, and Greece's Chartworld Shipping Corp., had failed to meet privatization
requirements set by the government.
The Black Sea country's state-owned Maritime Navigation shipping company
has a fleet of 71 ships, most of which need to be upgraded. The buyer has
pledged to invest €390 million (US$605 million) over the next 10 years.
The deal with the German-led consortium is to be signed within 60 days.
The remaining 30 percent of the company will be offered for sale to
the buyer after a period of five to six years, officials said.
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