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KG Maritime Shipping Pays for Navigation Maritime Bulgare
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The Bulgarian-German consortium KG Maritime Shipping paid Thursday the price from the deal for the sale of 70% of the Navigation Maritime Bulgare, Bulgaria's sea trade company.
The consortium paid the price of BGN 440,1 M and the ownership rights of 7,631,460 have been transferred to KG Maritime Shipping.
The development program of KG Maritime Shipping's foresees the investment of BGN 779,880 M for the next ten years, and an average annual increase of 15% of the salaries of the employees.
The buyer is further mandated to keep company's main activity the same for the next ten years and to not initiate liquidations, mergers or divisions of the company for the above period.
The buyer would maintain 2851 employees during the first year of ownership, 2594 during the second year and 2360 from the third to the tenth year.
KG Maritime shipping is also mandated to not reduce its shareholder participation in the next ten years and to not reduce the State's participation in the company's capital.
The buyer plans to acquire 25 new ships in order to replace older with newer and bigger ones.
30% of the KG Maritime Shipping Company belongs to the Bulgarian firm Advance Properties of the brothers Kiril and Georgi Domuschiev, who own the Biovet Peshera Pharmaceutical plant and have investments in real estate. The rest of the company is owned by the German KG Maritime Partners.
According to the state strategy for the privatization of Navigation Maritime Bulgare, the remaining 30% of the company would be offered for sale to the buyer of the majority share after five years on the condition that the owner had fulfilled its investment program and had not broken the privatization contract.
The Bulgarian-German consortium was the only bidder allowed to the final stage of the tender for the sale of Navigation Maritime Bulgare.
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