LEADING Scandinavian brewer Carlsberg Breweries have bought 59.4 per cent of Pirinsko Pivo.

The move, announced last Friday, follows on the heels of another recent Bulgarian acquisition after Carlsberg in late June purchased nearly 60 per cent of Shoumensko Pivo.

The price of the transaction was not disclosed, but expectations were that Carlsberg will pay between six and nine leva a share, the price range at which the Blagoevgrad-based company's shares were floated on the Bulgarian Stock Exchange before its delisting in May, 2000.

In early Pirinsko Pivo decided to go public again and in mid-July, the Treasury Securities Commission authorised its registration. Carlsberg will have to extend a transaction proposal to the remaining stockholders and wait for the approval before finalising the deal. According to a Carlsberg news release, the sellers will be a group of institutions and private investors.

"One of the main reasons to invest in the Shoumen-based brewery is the potential of Shoumensko Pivo brand on the internal market," Bjorn Wigen, Vice President of Carlsberg Breweries told a news conference in Shoumen on Wednesday.

"Carlsberg was attracted by the sustained upward trend sales of the Bulgarian brewery. Over the past few years it saw its market share grow from two to eight per cent. We consider Carlsberg can accelerate and develop this trend."

Approval by the Commission for Protection of Competition of the transaction will mean Carlsberg will have a total of 20 per cent share of the Bulgarian beer sales.