PA SUPERVISORY BOARD HAS APPROVED CONSULTANTS FOR THREE THERMOELECTRIC POWER PLANTS
The Supervisory Board of the Privatisation Agency (PA) approved on Wednesday (August 11) the contract with Credit Suisse First Boston for assigning activities regarding the divestment of three thermoelectric power stations: in Bobov Dol, Varna and Rousse. The bank is to carry out a marketing research for the sale of each of the companies and assist to prepare and effect the deals. The term of the agreement is 12 months. According to experts, the aggregate selling price of the three plants exceeds EUR400MN.The tender was invited on May 17. In addition to the winner, four more credit institutions had filed offers: ABN AMRO BANK - Amsterdam, Lazard Freres Banque - Paris, Citigroup Global Markets Limited - London, and Dresdner Kleinwort Wasserstein Limited - London. In July the Bulgarian representatives of two of the banks - Balkan Consulting Company (partner of Dresdner Kleinwort Wasserstein Limited) and Forem Consulting together with First Finance and Brokerage House (representing the interests pf ABN AMRO) - accused the PA of having shown partiality and biassed attitude, threatening to attack the choice in court. However, no actual action has been initiated so far.