Twenty-three companies have purchased tender documents for 70% of the state sea shipping company Navibulgare, the privatisation agency informs. The deadline expired on Monday (Aug 20) while requests for participation in the tender should be sent by Sep 10. The privatisation agency will certify candidates by Sep 28 and will accept preliminary offers by Oct 18. Thirteen firms that have purchased tender documents could be defined as potential direct bidders or strategic investors as they are operating in the shipping business: Swiss Crude Oil &Derivatives Trading S.A; two Indian companies Essar Shipping&Logistics Limited from Mumbai and Palmali Shipping S.A- Charlstown, Island of Nevis; two Greek companies Athenian Sea Carriers Ltd. and Chartworld Shipping Corporation; Italy’s Sider Navi S.p.A; Czech Cechofracht a.s.; French CMA-CGM S.A.; Gearbulk Holding Limited- Bermuda; Dutch Muller Maritime Holding BV; Germany’s TVA SHIPPING; UK’s Allerio Commercial Limited; and local holding Chimimport, which owns the country’s river fleet. Five other participants could be ranked as consultants or intermediaries that will act on the behalf of third parties:
Piraeus Bank Bulgaria, local financial intermediary Bulbrokers, local legal company Georgiev, Todorov&Co, lawyer Iavor Iliev, and Forem Consulting Bulgaria. The remaining five entities in the list are locally based firms that would most likely participate in the tender in partnership with other bidders: ZMLF 1, Navy Consult, Trimpex Union, BT Development Services, and Global Maritime Navigation.
The net asset value of the state shipper suggests that the sale should bring at least EUR 350mn to the government accounts. Navibulgare doubled its net profit to BGN 22mn (EUR 11.2mn) in H1 from BGN 11mn in the same period of the previous year, according to the company’s income statement presented to the local stock exchange. The net sales of the shipper reached BGN 209mn in H1.