Sv. Sv. Konstantin i Elena Holding AD (Bulgaria)

Bulgaria's Black Sea resort operator St. St. Constantine and Helena Holding operates the St. Konstantin and Elena resort, which is located 10 km north of the Black Sea port of Varna. The company was established in 1991 under the Druzhba EAD name, as a legal successor of state-owned DF Druzhba.
The resort was privatised in early 2003 by local companies close to Bulgaria's private industrial group TIM. At end-2004, the majority stake in St. Konstantin and Elena is owned by the companies Andezit, Ital Commerce 75 and Rentapark, which hold equal stakes of 28.17% each. In late 2003, the operator increased its capital to EUR 1.5 million from EUR 114,499 through a one-to-twelve rights issue. In the beginning of 2004, St. Konstantin and Elena was transformed into a holding company and renamed to St. Konstantin and Elena Holding. The change was designed to streamline the company's asset management and organisation. In 2009, Holding Varna acquired a 51.2 % stake in the company for EUR 6.03 million.
St. St. Constantine and Helena Holding`s scope of operations includes real estate management, construction, accommodation services, tourist and travel arrangement services, management of the resort's territory, infrastructure facilities, commercial outlets and beaches. Together with its subsidiaries, the holding operates more than 10 hotels throughout the country, most of which are located at the seaside.