Банкеръ Weekly

Briefs

INKOMS TELECOM HOLDING GOES TO US HANDS

THe Supervisory Board of the Privatisation Agency (PA) approved the deal for the sale of a 75% stake in Inkoms Telecom Holding to the US company C.P.C. The buyer will pay BGL14MN, 90% of which in compensation instruments. The future owner has also undertaken to invest BGL10Mn in the holding. PA's Executive Board, headed by Apostol Apostolov should sign the contract overseas company by October 19. PA Supervisory Board members's motivated their nomination of the buyer by the fact that the Americans raised their initial purchase bid by BGL10MN.Offers for Inkoms Telecom Holding's privatisation had to be submitted by June 11, 2001 and C.P.C was the only candidate-buyer. PA's former head Levon Hampartoumyan had promised that the deal would be finalized within a month. However, procedures dragged on, probably because of the political changes this summer.Ernst Young were consultaants in the privatisation deal. C.P.C. stepped onto the Bulgarian market back in 1994. It is the owner of the Sevlievo-based Original plant, specialized in design and production of instrumental equipment, details and articles from aluminium alloys. In 1995 the same US company became a majority sharholder of the Pleven-based enterprise Ilinden, manufacturing machines for the foundry industry. In 1998 one more company in Pleven - Technology of Metals - was purchased by C.P.C. Since 1999 the US company holds a majority package of shares in the Mezdra-based enterprise Techceramic, a manufacturer of ceramic elctrotechnical elements.

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