SOFIA (Bulgaria), January 9 (SeeNews) – Bulgaria's Bourgas Shipyards may go public or change its management, local media reported on Thursday, quoting data from the company’s extraordinary shareholders’ meeting invitation.
The company will seek shareholders’ approval to launch an initial public offering (IPO), according to a proposal of a shareholder, which holds some 13.15% of Bourgas Shipyards, business newspaper Capital Daily reported.
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Another item shareholders will vote on is whether the company’s minority shareholders will sell out their stakes in Bourgas Shipyards to majority owner Hunas Investment Limited, the newspaper said.
The meeting is scheduled for January 28, Capital Daily added.
The ship builder was privatised in 2000. During its strong years, Bourgas Shipyards employed over 1,000, but lately it has been near insolvency.
Local media reported earlier this month that the company would re-register under the name Barabel, retaining its business operations.
Bourgas Shipyards occupies a 70 hectare land plot, strategically located between the coastal city of Burgas and Foros, a residential and holiday complex project in development.