The Supervisory Board of the Privatization Agency /PA/ approved the transfer of 9,683,903 Chimco shares /71% of the capital of the fertilizer plant/ to AVST Trading Ltd, based in Cyprus from US-based IBE Trans. A principle shareholder in the new owner is a British consortium between United Kingdom Gas and Energy Finance of London. The Cyprus-based company participated in the financing of IBE Trans for the purchase of a majority stake in Chimco and for the implementation of the investment programme. The shares were transferred because of the inability of IBE Trans to service outstanding debts to AVST Trading. The new majority shareholder assured the PA that it will strictly observe all the privatization commitments and will pay the BGN 869,652 fine imposed on the previous owner for failing to fulfill engagements.