Банкеръ Weekly

Briefs

BULGARTABAC PRIVATISATION DELAYED AGAIN

The deadline for submission of binding offers for tobacco companies within the structure of Bulgartabac Holding - Dulovo BT, Dupnitsa BT, Harmanli BT, Isperih BT, Parvomay BT, Sandansky BT, Smolyan BT, Topolovgrad BT, and Yambol BT, was extended from October 29 to November 12. The decision was taken by the Managing Board of the holding at a meeting held on October 13. The deadline for acquiring tender dossiers was extended from 15 to 25 October, too. The above-mentioned plants were united in the second group of tobacco processing companies. Offers for the first pool that includes Gotse Delchev BT, Kurdzhali BT, and Pazardzhik, will be submitted by November 12, too.The main reason for the extension is the weak interest demonstrated by investors so far. The Holding Executive Director Georgi Kostov said that Parvomay BT was the only company to attract real interest. If no more candidate buyers appear within the term of the privatisation procedure, different sale proceedings will be initiated. The public companies will be offered on the stock exchange and the rest of them - on open tenders.At least this is what the holding intends to do. But there is a long road from planning to doing something. Especially when the political forces are strongly interested in the privatisation. At the beginning of last week the Bulgarian Socialist Party (BSP) threatened to stop the tobacco plants sale procedure since it did not meet the objectives written in the holding's strategy. The trustees in bankruptcy warned about that recently, too.

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