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.

Previous Next
Close
Test Caption
Test Description goes like this
Cookies Preferences
Choose Type of Cookies You Accept Using


These cookies are required for the website to run and cannot be switched off. Such cookie are only set in response to actions made by you such as language, currency, login session, privacy preferences. You can set your browser to block these cookies but our site may not work then.


These cookies allow us to measure visitors traffic and see traffic sources by collecting information in data sets. They also help us understand which products and actions are more popular than others.


These cookies are usually set by our marketing and advertising partners. They may be used by them to build a profile of your interest and later show you relevant ads. If you do not allow these cookies you will not experience targeted ads for your interests.