January 16 (SeeNews) - Bulgaria's government said on Thursday that it has approved the request of local company Far [] to transfer the concession rights for the central section of the Krachola building materials deposit to its former subsidiary Far IM.
The concession contract was signed for a 35-year term in 2012, the government said in a statement following its weekly meeting.
The Krachola deposit is located in the Yambol region, in southeastern Bulgaria.
Far IM is currently fully owned by local company Digit Invest, which in turn is owned by three private individuals - Slavka Georgieva, Dimitar Todorov and Georgi Todorov, according to commercial register data. Far IM was a wholly-owned subsidiary of Far until April 2019.
In July last year, Far listed its shares on the Bulgarian Stock Exchange. The company is currently in the process of increasing its capital, seeking to raise up to 7.5 million levs ($4.2 million/3.8 million euro).
(1 euro = 1.95583 levs)