Bulgarian Govt to Sell Minority Stake in Kempinski Sofia

Bulgaria's government is going to sell its 7.58% share of the Kempinski Hotel Zografski, one of the five-star hotels in Sofia.

The state has already included its minority stake in the Zografski AD firm, which owns the Kempinski hotel in Sofia, in the State Consolidation Company created in 2010 to handle the privatization of state minority shares in various businesses, according to a report of the 24 Chasa daily.

The total of 125 315 shares have a nominal value of BGN 1, and are owned by the Ministry of Economy, Energy, and Tourism. The state-owned stake of Kempinski Hotel Zografski will most likely be offered on the Sofia Stock Exchange.

The government made the decision to sell its share of the five-star hotel in February 2011, shows the Trade Register.

After the state shares from the hotel were contributed to the State Consolidation Company, its capital has reached BGN 6.1 M. In the fall of 2010, shortly after it was set up, the government contributed to the Company 100% of the state engineering and construction firm Montazhi.