February 17 (SeeNews) - Bulgaria's caretaker government said it decided to transfer the entire state-owned equity stake in logistics services provider Burgas Free Zone to Burgas municipality in order to ensure better control and oversight, improving corporate governance.
In the transaction, the state will divest 9,724 shares, representing 19.45% of Burgas Free Zone's equity capital, to Burgas municipality free of charge, the government said in a statement earlier this week. The transfer will increase the municipality's shareholding interest to 22.87%.
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Burgas Free Zone's equity capital is currently divided into 50,000 shares with a par value of 10 levs ($5.47/5.11 euro) each. Other shareholders in the company include Unicredit Bulbank, local insurance company DZI and state-owned Port of Burgas.
Burgas Free Zone specialises in storage, logistics and customs services in Burgas Region, on Bulgaria's southern Black Sea coast.
(1 euro = 1.95583 levs)