POSTAL MONEY TRANSFERS TO BE EFFECTED BY A PRIVATE COMPANY
The private company Finance Engineering AD has been awarded by the Commission for Regulation of Telecommunications the first individual licence, allowing it to effect through it own postal network money transfers on the territory of the entire country. The 20-year permission was officially handed on October 11. The firm has paid for it an initial licensing fee of BGN20,000. According to the licence requirements, it should start operation as of December 2004. The majority owner of Finance Engineering, registered in Bulgaria, is the US company Traders International, which holds 75% of its shares. The remaining 25% interest has been divided in two equal parts between Genadi Tabakov and Chavdar Angelov.