Банкеръ Weekly

Briefs

BTC DEAL - STRETCHED BETWEEN PA AND COURT

The Supreme Court of Administration opened the case on a claim, filed by Viva Ventures against the May 7 decision of the Supervisory Board of the Privatisation Agency (PA). By this decision the Austrian company was rejected as buyer of 65% of BTC's shares. The case has been scheduled for June 5 and will be publicly heard.However, PA's decision to renew negotiations with the consortium between Koc Holding and Turk Telecom has not been appealed in court and so it's still valid. Thus, it turns out that the deal should be carried out. In the meantime, NMSII's parliamentary group revised PA's report on BTC's sale. No official decision has been announced, yet MPs comment that the majority has entirely backed the Bulgarian telecom's privatisation - without declaring partiality to any of the candidate-buyers at that.Last week Reuters broke out the sensational news that Viva Ventures wanted to revise upwards the price it was ready to pay for the BTC. The company's Sofia office confirmed the news, yet refused to specify both the new price and the fact whether the PA had officially received it. It was only mentioned that after the additional evaluation of the Bulgarian telecom several months ago, Viva Ventures' experts had found out it was worth more. Nevertheless, the offer of the Austrian company had remained unchanged. On April 21 it signed with the PA a frame agreement for the sale of a 65% stake in the BTC at EUR210MN and investments of EUR400MN. The rejected candidate-buyer also promised to increase the telecom's capital by EUR50MN.

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