INVESTMENT FUND EQUEST GETS NOD TO ENTER SUPER BOROVETS PROJECT

Dnevnik weekly

Investment fund Equest gets nod to enter Super Borovets project
British investment fund Equest said it investment board has approved the purchase of a stake in the company tapped to expand Bulgarian ski resort Borovets

The fund will acquire a portion of the 75% stake in the project controlled by Bulgarian construction company Glavbolgarstroy in a deal that will make it the majority shareholder.

No information was immediately available on the size or the price of the stake that will be bought by Equest.

Last week, Equest managing partner Georgi Krumov said the fund will make an initial investment of 15 mln euro in Rila-Samokov 2004, the company specially incorporated for the implementation of the Super Borovets project.

Prior to the deal, the top shareholder in Rila-Samokov 2004 was Glavbolgarstroy with 75%. The Samokov municipality, where the Borovets ski resort is located, owned 25% with the residual 8% held by Energokomplekt.

The Super Borovets project envisages the construction of 80 km of ski runs and will add 15,000 beds to the resort's accommodation capacity. The new skiing facilities will have a combined daily capacity of 30,000-35,000 skiers.

Read more information on the Super Borovets Project!

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