Petrol Holding to Invest Over 100 Mln Euro

Petrol Holding to Invest Over 100 Mln Euro

Bulgaria's biggest fuel retailer Petrol Holding has drawn up a healing plan envisaging an investment of over 100 million euro ($134 million), majority shareholder Kirsan Ilyumzhinov said.
Petrol Holding is burdened by loans, not operating at full capacity and cannot attract investors, but it has a potential to be stabilised and make a profit, Ilyumzhinov, who bought 52.5% of the holding company last year, told a news conference.   
Ilyumzhinov also said he has proposed to buy out the 47.5% stake of the other shareholder, Mitko Sabev, as soon as an audit estimates the company's assets.
Former shareholder, Russian national Denis Jersov, will act as consultant to Petrol Holding until the end of next year without remuneration. “The company is in a big mess and I believe it is his [Jersov’s] duty to help it repay its debt,” Ilyumzhinov said.

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