Turkey's Ceylan Holding refused the proposal of Bulgaria's National Electricity Company (NEC), to sell its shares in the Gorna Arda hydropower company at face value plus 7% annual interest rate. The company held a general shareholders meeting on March 29 and 30. After the company's capital was raised last year, NEC holds a 69.9% stake in it and Ceylan, 30.1%. After Ceylan's refusal, the Bulgarian partners proposed to dissolve the company, which the Turkish side refused too. At Ceylan's insistence, it was entered in the minutes of the shareholders' general meeting that the Turkish company is ready to meet a NEC-nominated strategic investor for the sale of the shares.