GOVERNMENT GAVE BULGARIAN RIVER SHIPPING TO CHIMIMPORT
At its session on June 29 the Cabinet approved the contract signed in April between the Privatisation Agency (PA) and Chimimport AD for the privatisation of 70% of Bulgarian River Shipping. The ministers approved also the drafts of the deal's other documents, including a contract for a special pledge on 125,357 pieces of book-entry shares, representing 20% of the sold stocks and a bank guarantee. The deal was approved as well by the Commission for Protection of Competition. Chimimport offered to pay BGN22MN for 70% of Bulgarian River Shipping and proposed a 5-year investment programme worth EUR25MN. With the stocks it already holds Chimimport will become a majority shareholder with a 99.14% stake in the shipping company. Bulgarian River Shipping posted a BGN250,000 loss for the first quarter of 2006.
Chimiport's capital is currently BGN118.916MN. The company's shares were entered in the Central Depository on June 20 and the prospectus for the public offering of securities was filed to the Financial Supervision Commission. According to expectations, 8.52% of Chimimport's capital will be initially put up for trade on the stock exchange.