Банкеръ Weekly

Briefs

PA LAUNCHES NEW TENDERS ON THE STOCK EXCHANGE

The Privatisation Agency (PA) has to sell slightly more than 120 majority stakes, the Agency's Executive Director Stanislav Ananiev said. Most of the stakes require that privatisation strategies be prepared, since they are in sectors such as power engineering, construction, and heavy industry. There are also enterprises among them that are in a grave financial situation. According to Mr. Ananiev, restitutional claims have been laid for various parts of the property of 300 companies. In case that the firms get rid of these parts, they will be privatized through the stock exchange, too, PA's Executive Director added. The fifth centralized public tender will begin on the stock exchange within a few days. Shares in 253 companies, including 30 majority stakes, will be offered there. The state-owned stakes will be sold against investment vouchers, compensatory instruments and cash funds. A distant public tender will be held simultaneously on the stock exchange as well. Stakes in 65 limited liability companies will be sold on it. Attempts have been made in the past for the state-owned stakes in some 100 companies from the two groups to be sold, but no interest has been shown. That is why the shares will be sold at the lowest possible price, BGN0.01/apiece.Vidachim, Interhotel Trimontsium - Plovdiv, Interhotel Sandansky, the Central Universal Shopping Centre (ZUM), Vinex - Slavyantsi, etc., are among the companies to be offered at the centralized public tender.The state-owned share of the Vidin-based company to be offered for sale is 24 per cent. The majority owner of Vidachim - Pristagroup-Water Construction - holds 70% of the enterprises's capital. It managed to help the company to its feet after it had been in insolvency procedures for four years. Vidachim posted BGN16.5MN in proceeds from sales last year, up from BGN1.2MN in 2002. The company even ended 2003 in a profit of BGN21,000. Accrued losses from previous years, however, amount to BGN2.4MN. The 3% state-owned package of Interhotel Trimontsium was offered at the previous centralized public tender. The company is part of the Turkish Princess Hotels chain.The controlling 91% package of Interhotel Sandansky is in the hands of Contract EOOD, owned by the banker Emil Kyulev. The State's shares that will be put up for sale at the centralized tender account for 3.4% of the company's capital. PA's Executive Director Stanislav Ananiev announced that the tender announcement would be published in the Official Gazette the following week, and the tenders would begin six days after the publication, as per the practice so far.

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