Shares of Bulgarian Kremikovtsi to be sold

Shares of Bulgarian Kremikovtsi to be sold

Finmetals Holding, holding 71% stake in Bulgarian steel mill Kremikovtsi, reportedly plans to sell its stake in the company by the end of 2004. For this purpose, Finmetals Holding is in negotiations with four foreign investors, the names of which are not disclosed. Meanwhile, Kremikovtsi has debt of $400 million, nevertheless it plans to upgrade its facility in the next five years with an investment of $550 million.