The state sea shipping company Navibulgar has sent a request to the ministry of transports for approving the company's preliminary arranged deal for selling out the residual stake of 25% in the Varna-based shipyard, which is controlled by the local consortium Bulyard. Navibulgar wants to sell the 25% stake to the majority stakeholder Bulyard at the price of USD 5.56mn. Bulyard has bought 75% of the indebted shipyard for USD 16.7mn in late 2003. The shipyard has succeeded to win several large orders from local and foreign companies and is about to restore its position as one of the main employers in the Black Sea city of Varna .
Source: IntelliNews - Bulgaria Today