Samokov municipality to call shots in Super Borovets project
2007-09-19 10:00:00
The Samokov municipality may become the king-maker among the shareholders of Rila Samokov 2004, a company specially incorporated to implement the Super Borovets project, if a June 12 general meeting approves a proposal to adopt a 4/5 majority rule for management decisions. Rila Samokov 2004 is co-owned by Contract 99 (51%), a company of late banker Emil Kyulev now passed on to his wife Vesela Kyuleva and a son from a previous marriage, construction company Glavbolgarstroy (16%), the Samokov municipality (25%) and Energokomplekt (8%). Rila Samokov 2004 is governed by a 9-member managing board where Contract 99 has 5 seats, the Samokov municipality has 2 and the other shareholders have one each. The municipality has paid for its shareholder seat with the contribution of 200 ha of land that will be used for the purposes of the Super Borovets project. A general meeting of shareholders earlier this year failed due to the Samokov municipality's demands for more executive powers within Rila Samokov 2004, especially when it comes to property transactions. Kyulev's heirs initially resisted but Samokov mayor Angel Nikolov threatened that if the demands of the municipality are rejected by the other shareholders, it could back out of Rila Samokov 2004, effectively pulling the on the project. Glavbolgarstroy general manager Simon Peshov and Plamen Gochev, who represents the interests of Kyulev's heirs, denied rumours that the Super Borovets project was up for sale. Gochev admitted, however, that several banks and 5 investment funds have indicated their interest in the project. The plan for this year is to start the construction of the gondola lift linking the lower part of the resort with the Markudjitsite ski runs, said Peshov. The Super Borovets should be implemented in 3 stages. The bed capacity of the resort was planned to increase to 8,000 in 2006. During the 2007-2010 stage, a new 8,000-bed vacation village will be constructed near Samokov with development reaching the Novi Iskar area. Swimming pools, tennis courts, indoor and outdoor stadia and an 18-hole golf course will also be added during this stage of the project. In 2010-2015, Rila Samokov 2004 will develop the Shumnatitsa, Byalata Polyana, Gvardeiska Polyana and Mecha Glava areas above 1,400 m. This will be the 5-star segment of the resort with a total of 1,200 beds. The combined length of the ski runs should be increased from 38 km to 59 km with total capacity of the facilities for 10,400 skiers an hour.

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