Officals from the Belgian chemicals & drugs group Solvay SA announced recently that the company had raised its stake in its Bulgarian soda ash unit Sodi from 60% to 66.7%. The Belgian group acquired its initial 60% in Sodi for US$60m in April. Sodi shareholders decided at a recent meeting to raise share capital to Lv6.283bn from Lv5.236bn, after heated debates. The new issue will be bought out entirely by Solvay at a par value of Lv1,000, said a Solvay executive committee member. Shareholders also agreed to rename the Devnia-based company Solvay Soda AD. Solvay Sodi signed a 15-year contract for the use of the nearby Varna harbour on the Black Sea, said Solvay's commercial manager. To facilitate the privatisation of Solvay Sodi, the European Bank for Reconstruction & Development is investing $US40m.
