Bulgaria's privatisation agency said on Monday it extended the deadlines for the bids in the sale of a majority stake in state shipping company Navigation Maritime Bulgare (Navibulgar).

The deadline for letters of interest from prospective investors has been extended by two weeks to September 24, because of the high interest in the deal.

A total of 23 companies bough the tender documentation, although one of them, a consortium named Navy Consult, has already said it would not pursue its interest further.

The deadline for preliminary bids has been extended by three weeks to November 8.

Bulgaria wants to sell an initial 70% stake in the company, with an option for the chosen investor to buy the remaining shares at a later date.

To qualify, bidders need to prove prior experience in the field, having rented or operated a fleet with a total capacity of 1,3 million tonnes for each of the past three years, as well as provide credit letters from banks with a credit rating no less than "A3" from Moody's Investors Service.

Navibulgar owns 77 cargo ships, mostly bulk carriers with some container and tanker ships, according to its website.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!