Bulgarian Businessman Kovachki Sole Bidder for 65.55% in Municipal Insurance Co, Offers 4.9 Mln Euro - Media

The sale price will be paid within a month after the supervisory board of Sofia's municipal privatisation agency gives the go-ahead to the deal, Dnevnik quoted the agency's executive director, Ivan Dimitrov, as saying.

LM Impex and two other companies owned by Kovachki - Mining Company and supermarket chain Magazini Evropa, as well as Slovenia's largest insurer Triglav had bought papers for the tender which was launched in May.

Kovachki, with business interests in energy, finance and tourism, already owns a stake of nearly 20% in the insurer. The 65.55% stake on sale is held by the Sofia municipality and two municipal companies.

Municipal Insurance Company (www.ozk.bg) is one of the smallest players on the domestic market with a share of 0.56% at the end of August, according to the latest available data.