Банкеръ Weekly



Sunny Beach AD shareholders are going to vote the company's liquidation at an extraordinary general meeting scheduled for April 8. The Bourgas regional magistrates allowed this change in the agenda at the request of the Ministry of Economy which owns 75% of the capital of the company. On April 8, the liquidation deadline will be fixed and a liquidator will be chosen. In case there is no quorum, the meeting will be postponed to April 23 but the agenda will not change.The former minister of economy Lidiya Shouleva repeated many times that she wanted to privatise the company. However, eventually her successor preferred the other possibility. No matter who will sell the assets - the Privatisation Agency (PA) or a liquidator - we will try to buy them, Elena Ivanova, Chairperson of the Union of Hotel Owners in the complex of Sunny Beach, said. The assets include the water-supply system, the sewerage, the streets, the alleys, the parking lots and the squares in the resort built on 370 decares. The rest of the company's fixed assets were sold long time ago when the liquidation was part of the plans. First, the hotels were privatised and then the land around them.On February 16, 2005, Sunny Beach 2005 company was registered in the Bourgas Regional Court. It is owned by the municipality of Nessebar (51%) and the Sunny Beach 2002 company established by the Union of Hotel Owners (49%). The main purpose of its existence is to take part in the privatisation of Sunny Beach AD. It will be run by Deyan Enchev and Stamat Stamatov for at least three years in the future.During the April 8 meeting, the shareholders will also vote the sale of the electricity distribution network in the complex. The network will be acquired by the Austrian EVN. At least this is what the memorandum to the privatisation agreements of the Plovdiv and Stara Zagora electricity distribution companies stipulates. EVN and the then minister of economy Mrs. Shouleva settled a price amounting to BGN25MN for the electricity distribution network in Sunny Beach. According to the members of the resort company, however, this is much below the real value of the network (at least BGN45MN). The Chairman of the Financial Supervision Commission Apostol Apostolov sent a letter to Sunny Beach AD on February 23. There he defined the State as an interested party in accordance with art. 114, paragraph 5, item 1 of the Public Offering of Securities Act. Therefore, the State (represented by the Ministry of Economy) is not allowed to vote this point of the agenda during the general meeting. Finally, it means that the BGN25MN price fixed for the electricity distribution network will probably not be accepted.

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