Russian multi-millionaire acquired majority share in Bulgarian Petrol Holding AD

Kirsan Ilyumzhinov, Former President of the Republic of Kalmykia in the Russian Federation, President of the World Chess Federation (since 1995) and multi-millionaire has acquired a 52.5% stake in Bulgarian fuel distributor Petrol Holding AD from Denis Ershov (47.5%) and Alexander Melnik (5%), who were in conflict with remaining owner of 47.5%, Bulgarian businessman Mitko Sabev.

The market value of the company, which owns 361 petrol stations, 80 petrol warehouses, hotels and land in downtown Sofia, cities of Varna and Burgas and other big Bulgarian cities, three port terminals, an airline company with five planes, etc., has been estimated at about one billion USD.

According to experts the deal that was sealed on 15.6.2012 probably amounted to only USD 100 million due to the company’s high debts, and the fact that the buyer has to invest additional money in the modernization of the petrol stations. Despite that Kirsan Ilyumzhinov plans to increase his share in Petrol Holding AD to 100%.

In the future Ilyumzhinov plans to keep on buying assets abroad and set up an investment fund in Russia. His main focus will be on real property, transport and telecommunications.

Source: Standartnews, Novinite, Focus-fen