Банкеръ Weekly

Briefs

CANDIDATE CONSULTANT OF BULGARIA AIR KEPT SECRET

Only one offer for a consultant in the divestment of the air company Bulgaria Air was filed to the Privatisation Agency (PA) by the deadline for submission of documents - 17.30 hrs on April 14. However, the PA kept secret the name of the candidate.Although this is the single offer, it will be considered and evaluated by a commission. The consultant should carry out a marketing research for the airline and assist the PA in the divestiture of Bulgaria Air. It is also expected to work on the tender dossiers, on the draft contract for the sale, and take part in the future negotiations with potential buyers. It will draw a fee only in case of a successful deal on the national air carrier.The decision for the divestment of Bulgaria Air was made by the PA on January 17, 2003, and the strategy was officially presented on March 12. It projects a direct sale of more than 51% of the airline's shares. Twenty five percent will be offered on the stock exchange. The State will keep the national flag and the right to impose a veto in case the new owner decides to wind down the company, change its statutes or address of registration. It is not yet known if a PR-consultant of Bulgaria Air will be picked out, the Transport Ministry's press centre announced. Among the companies that voiced willingness to participate in the contest for a PR-consultant are: Mark Advertising, DD, Nota Bene, Princess, and EURO RSCG. In working out their offers the candidates have taken into consideration the BGN120,000 budget for advertising and PR, projected by the air carrier.

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