THE STATE SELLS ITS STAKE IN PLOVDIV NOVOTEL
The Privatisation Agency (PA) is preparing the sale of the 32.45% state-owned stake of the capital of Plovdiv Novotel AD. The stake will be sold on the stock exchange but no date has been fixed yet. Sinergon Holding is the majority shareholder of the five-star hotel situated on the northern riverside of Maritsa, just 350 m away from the Plovdiv Fair building. The former Petrol privatisation fund acquired the 64.97% stake during the first round of mass privatisation in 1996-1997. However, the press centre of the holding refused to comment on the sale of the state stake in the Novotel, as the PA's announcement has not yet been made officially.The agency run by Iliya Vassilev already announced a competition for investment intermediary. The Plovdiv-based company is not a public one, which means that it will be a guest on the stock exchange like all other companies such as DZI and Rodina Printing and Publishing House, of which the state decided to sell its minority stakes and cash down its property in them.The latest investments were made in Plovdiv Novotel AD in the early 2003, when its owners from Sinergon Holding invested BGN20MN in the reconstruction and modernisation of the hotel.Moreover, Plovdiv Novotel AD acquired the Europe hotel which is an independent part of the Sunny Beach resort. The Novotel paid BGN14.6MN on an open tender held in September 2001. The company also owns two other hotels in the same resort - Glarus and Iskar. Sales revenues registered by the three seaside hotels in 2003 have grown by 10% on the average, Sinergon Holding announced.