Heating Utility in Bulgaria's Shumen Sold to Israeli Company
The heating utility in the northeastern Bulgarian city of Shumen has been sold to Israeli company Telemania.
The privatization contract for the heating utility was signed Friday between Shumen Mayor Krasimir Kostov and Ronen Zinger, representative of the Israeli company, according to reports of Darik radio.
Kostov explained that Telemania undertook to invest a total of EUR 75 M in the heating utility for a period of three years, to maintain a staff of at least 50, and to cover the debts of the company.
The Mayor of Shumen said that the utility would supply heating to the residents of the city as of the next heating season.
The representative of Telemania assured that the company would take care to pay delayed salaries as a priority.
The heating utility in Shumen stopped functioning due to the accumulation of huge debts to state-owned gas supplier Bulgargaz, leaving the residents of the city without central heating in winter.