Chernomorsko Zlato AD (Bulgaria)

The Chernomorsko Zlato winery, which was put into operation in 1932, is located in the eastern town of Pomorie. The company is engaged in the production of wine, brandy, rakia - a national fruit brandy, and aperitifs. Chernomorsko Zlato produces around 15 million bottles per year and exports account for around 50% of its annual sales.
A 25% stake in the winery was offered for sale against vouchers under the government's mass privatisation programme in 1996-97. In November 1996, Bulgaria's Privatisation Agency sold 55% of Chernomorsko Zlato to local wine and liquor maker Vinprom Pomorie, majority-owned by Varna-based company Festa, for USD 4.32 million. The buyer, which had to pay 50% in cash and the remainder in long-term government securities, pledged to invest USD 3.54 million in the company in a five-year period. Of the remaining 20% of the winery, 15% was offered to employees at a preferential price and 5.0% were set aside to cover property claims by former pre-communist owners.