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Bulgaria: Arms trader Emko can acquire ammunition maker Dunarit

By  |  August 21, 2016

In 2015, Dunarit’s licence was suspended for four months after its owner Tsvetan Vasilev was indicted on charges of embezzling large amounts from Bulgaria’s Corpbank.

Currently, Dunarit is majority-owned by local company Kemira which in its turn is owned by local Hedge Investment Bulgaria and TMN, according to Trade Registry data. According to local media, however, Vassilev probably remains Dunarit’s real owner.

In 2015, Dunarit and Emko posted combined revenues of 250 million levs, the bulk of which was generated on foreign markets, according to Capital Daily.

Two years ago, Emko expressed interest in buying another local ammunition maker, VMZ Sopot, which was put up for privatisation, but failed to submit the required bank guarantee of 3.0 million euro after presenting its binding offer, and the privatisation agency terminated the sell-off procedure.

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