The state sea shipping company Navibulgare has asked the transport minister for permission to establish three subsidiaries on the Marshal Islands, a note on the local stock exchange reads. Each of the three new entities will have a share capital of USD 500. The company is undergoing a privatisation procedure and 23 potential candidates have purchased tender documents for the 70% stake offered by the state. The net asset value of the state shipper suggests that the sale should bring at least EUR 350mn to the government accounts. Requests for participation in the tender should be sent today at latest, the privatisation agency will certify candidates by Oct 19 and will accept preliminary offers by Nov 8. The net profit of Navibulgare grew by 83.3% y/y to BGN 22.2mn (EUR 11.3) in H1. The net sales of the fleet increased by 3.1% y/y to BGN 215.3mn while expenditures dropped by 4.1% on an annual basis to BGN 200.5mn in the first six months of the year. On a separate note, the transport ministry has allowed the sale of 12 machines and equipment units by the company, which should be approved also by the privatisation agency.