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Business | February 20, 2003, Thursday // 00:00
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State-owned Navigation Maritime Bulgare, which acquired the insolvent Varna Shipyard, plans to launch a corporate Eurobond issue, which is expected to boost growth.
A new company will be set up, in which Navigation Maritime Bulgare will hold 25%, Transport Minister Petrov said during his visit to Varna February 19. The investing partner will acquire 75%, 26% of which will be deposited in the Central Depository. The investor will lose its 26% if its revenues over the first three years do not exceed BGN 400,000 a year or a total of BGN 120 M. Thus the investor will become a minority shareholder.
Trapezitsa and Dolly ship will be constructed within six months after Navigation Maritime Bulgare financing, greenlighted by the Privatization Agency. This is expected to create 500 new jobs.
Twenty nine ships have been repaired by Varna Shipyard since the beginning of the year.
The deal price is set at BGN 25 M. Fifteen investors have shown interest in the deal with five of them expected to bid.
A new company will be set up, in which Navigation Maritime Bulgare will hold 25%, Transport Minister Petrov said during his visit to Varna February 19. The investing partner will acquire 75%, 26% of which will be deposited in the Central Depository. The investor will lose its 26% if its revenues over the first three years do not exceed BGN 400,000 a year or a total of BGN 120 M. Thus the investor will become a minority shareholder.
Trapezitsa and Dolly ship will be constructed within six months after Navigation Maritime Bulgare financing, greenlighted by the Privatization Agency. This is expected to create 500 new jobs.
Twenty nine ships have been repaired by Varna Shipyard since the beginning of the year.
The deal price is set at BGN 25 M. Fifteen investors have shown interest in the deal with five of them expected to bid.
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