Finmetals Holding, the owner of a 71% stake in Sofia-based metallurgical plant Kremikovtzi, has signed a preliminary agreement with by Global Steel Holdings Ltd (GSHL) to sell itself to the Indian company, the Bulgarian stock exchange said on Tuesday, April 19. The transaction should be completed within the ensuing 60 days provided that all commitments undertaken with the preliminary agreement are met. The Post Privatisation Control Agency has imposed in injunction on the bank accounts and some movable and immovable property of the metallurgical plant at the request of the Customs Agency, the environment ministry and the National Social Security Institute (NSSI). Therefore the only option to change the ownership of the majority stake in Kremikovtzi was for Finmetals Holding to sell itself. Kremikovtzi and Finmetals Holding withheld further details about their agreement before the deal is completed. GSHL, controlled by the Mittal family, said in March 2005 that the deal was conditional on changes in the Kremikovtzi supervisory and managing boards. According to the press release, the talks for the acquisition of the majority stake was wrapped up in February 2004 with the signing of an agreement to buy out Finmetals Holding.