Navibulgar AD (Bulgaria)

Navibulgar (Parahodstvo Balgarski Morski Flot or Navigation Maritime Bulgare) is the biggest shipowner in Bulgaria with 45 ships.
In April 2004, the company sold its 75% stake in the shipyard at the Black Sea port of Varna to local consortium Bulyard. Navibulgar bought 100% in the insolvent shipyard in April 2002. In late October 2004, the Bulgarian government approved a sell-off strategy for the sale of 70% of Navibulgar to strategic or financial investors. In March 2007, Navibulgar sold its 25% stake in Bulyard Shipbuilding Industry to the Bulyard consortium for USD 5.555 million. The deal left Bulyard sole owner of the company. In June Bulgarian authorities launched a two-stage tender to sell 7.6 million shares, or a 70% state-owned stake, in Navibulgar in a deal estimated at around EUR 500 million. At the beginning of August, three international companies have expressed interest in acquiring the stake. The procedure was open to companies that had time-chartered bulk or/and general cargo vessels with a tonnage of 1.3mn deadweight tonnes in each of the past three years. In October 2007, the Bulgarian privatisation agency said it had shortlisted Bulgarian-registered consortium KG Maritime Shipping (KGMS), led by German company KG Maritime Partners, for the acquisition of Navibulgar. KGMS offered BGN 1.2 billion (EUR 624 million) including investments for the Navibulgar stake. The offered amount values the stake at EUR 225.1 million. The bidder has pledged to invest EUR 398.9 million in the shipping company over a 10-year period. The privatization was completed in August 2008.