Банкеръ Weekly



The successive attempt to sell the asssets of the Varna Shipyard will generally follow the scheme, used in the previous futile procedure, it became known during the joint press conference of the Deputy Premier and Minister of Transport and Telecommunications Nikolay Vassilev and Kamen Kirov, Chairman of the Board of Directors of Navigation Maritime Bulgare (Navibulgar). The press conference was attended by Yani Yanev, Governor of Varna, and NMSII's deputies from Varna. A new requirement has been entered that the investor should be experienced in the sphere of shipping, ship repairs or shipbuilding. The bidder could be a foreign company or a firm registered in Bulgaria, whose shareholders satisfy the above-mentiond requirement, Mr. Kirov told the BANKER weekly. He also said that interest has already been announced by the US Hogan Marine and by an Irish firm through its Bulgarian limited-liability company. The winner in the tender that will be opened this week, will become Navibulgar's partner in the establishment of a joint venture (JV), as projected in the former sale procedure. It will get 75% of the JV's shares. Varna Shipyard's main production capacities will be transferred to the assets of the new JV. However, no blocking of 26% of the acquired shares as a guarantee for the fulfillment of the commitments, undertaken under the contract with Navibulgar, is projected. But the investor will be required a bank quarantee for the realization of its commitments, amounting to 10% of the selling price. The initial bidding price will be around BGN20MN, down from BGN25MN in the previous procedure.
The eventual buyer should maintain about 700 working positions in the Varna Shipyard and may not change the main subject of the enterprise's activity or sell its assets over the next three years.
The deposit for participation will be BGN2MN and will be deduced from the deal's price. The deposit will remain in Navibulgar's bank account in case the procedure is suspended through the investor's fault. The candidate buyers may apply for participation in the bidding within a month. I hope we'll pick up the buyer by October 20, the Transport Minister Nikolay Vassilev said.

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