Only three firms submit for majority stake in Bulgaria's State Shipping Co
Only three firms have submitted letters of interest for the majority stake in Bulgaria's state shipping company Navigation Maritime Bulgare (Navibulgar) before Monday's deadline, the country's privatisation agency said.
A total of 23 companies bough the tender documentation, but only India's Essar Shipping&Logistics Ltd, Greek Chartworld Shipping Corporation and a consortium between Bulgarian firm KG Maritime Shipping and German-registered Martrade Shipping Transport have submitted bids.
Bulgaria wants to sell an initial 70% stake in the company, with an option for the chosen investor to buy the remaining shares at a later date.
The privatisation agency will announce which of the interested parties meet the tender criteria by October 19, while the deadline for submitting preliminary bids for Navibulgar is November 8.
To qualify, bidders need to prove prior experience in the field, having rented or operated a fleet with a total capacity of 1,3 million tonnes for each of the past three years, as well as provide credit letters from banks with a credit rating no less than "A3" from Moody's Investors Service.
Navibulgar owns 77 cargo ships, mostly bulk carriers with some container and tanker ships, according to its website.
A total of 23 companies bough the tender documentation, but only India's Essar Shipping&Logistics Ltd, Greek Chartworld Shipping Corporation and a consortium between Bulgarian firm KG Maritime Shipping and German-registered Martrade Shipping Transport have submitted bids.
Bulgaria wants to sell an initial 70% stake in the company, with an option for the chosen investor to buy the remaining shares at a later date.
The privatisation agency will announce which of the interested parties meet the tender criteria by October 19, while the deadline for submitting preliminary bids for Navibulgar is November 8.
To qualify, bidders need to prove prior experience in the field, having rented or operated a fleet with a total capacity of 1,3 million tonnes for each of the past three years, as well as provide credit letters from banks with a credit rating no less than "A3" from Moody's Investors Service.
Navibulgar owns 77 cargo ships, mostly bulk carriers with some container and tanker ships, according to its website.