Банкеръ Weekly

Briefs

A NEW STAGE OF DOUNARIT PRIVATISATION

The new tender for the Rousse-based Dounarit company will be held on January 31. The initial price amounts to BGN2MN and the bidding rate is fixed at BGN100,000. Documents can be purchased from the Privatisation Agency (PA) no later than January 24.This is the second attempt to sell the company in the structure of the Military Industrial Complex for the past nine months. On May 25, 2004, the Privatisation Agency announced a competition to sell 92% of its capital. However, the competition was ceased as the only offer submitted by the Sofia-based Industrial Technologies did not meet the requirements.In fact, the PA undertook Dounarit's privatisation back in 1998. The procedure was terminated and later transferred to the minister of industry. A management buyout, Dounarit 2000, was deliberately established to take part in the privatisation process. But on October 25, 2002 the company was declared in liquidation. Last May the management buyout decided to close it.Dounarit owns 1.2 million sq m of land in the towns of Rousse, Tervel, Veliki Preslav, as well as in 20 villages. 1.1 million sq m are not included in its assets. The company buildings were constructed between 1966 and 1995 and occupy 63,794 sq m.Currently, Dounarit has 700 employees. However, like most companies in the Military Industrial Complex, it has been experiencing serious financial problems and its debts amount to tens of million levs. Its 2002 losses reach BGN4.1MN for a turnover amounting to BGN12.4MN.The company makes special products and sells them in partnership with Kintex. It also produces explosives, fuel gas systems, office equipment, plastic items, and railroad and agricultural equipment.

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