PA STRIKES A BALANCE
The majority stakes of the capital of both Navigation Maritime Bulgare (Navibulgar) and Bulgarian River Shipping are ready for sale, Iliya Vassilev, Privatisation Agency (PA) Executive Director, announced when reporting the results from his agency's activities in 2003. The 30% minority stake of the capital of Bulgarian River Shipping has been offered on the stock exchange in return for compensatory instruments for a month now, but no investors have shown interest so far. The stake will be expecting for buyers until March 29. A 30% stake in Navigation Maritime Bulgare will be traded for compensatory notes on the stock exchange. However, the sale will only become possible when the assets of the Varna Shipyard (100% owned by Navibulgar) are transferred to the Bulyard-Shipbuilding Industry joint-venture.The procedure for privatisation of the arms trading companies Kintex and Teraton is in preparation, Iliya Vassilev explained.In 2003, the PA sold 88 majority stakes, 28 independent units, and 228 minority stakes. Payments amounting to BGN454MN were negotiated for the sales, of which BGN314MN in non-cash means. Investments stipulated by the privatisation agreements amount to BGN23MN.The Agency's Executive Director said that the sale of 72% of the capital of Sts. Constantine Helena (in return to BGN67MN paid in compensatory notes on the stock exchange) as well as the trading of the minority stakes of Bulgartabak Holding (12.83%), DZI (20%), and Oil and Gas Research Production (49%) were successful transactions. The total revenues reach BGN157.2MN and are again paid in compensatory notes. The 2003 unimplemented deals column is led by the Bulgarian Telecommunications Company (BTC) and the electricity distribution firms. Otherwise, the PA reported 90% fulfilment of its privatisation programme for 2003.