Банкеръ Weekly

Briefs

THE CZECHS LOSE BIDDING FOR FERRO-CONCRETE PLANT IN SVISHTOV

The expectations that the managers of state-owned companies would lose grounds in privatisation deals after the Government of Simeon Saxe-Coburg-Gotha came into power proved groundless, at least in the sale of the Svishtov-based Plant for Ferro-concrete Structures and Articles. The tender on May 27 for 97% of the company's capital was won by the company Multibet OOD, owned by two of the managers of the plant, Pavel Pavlov and Asparouh Stamenov. They offered a price of BGN6.15MN, payable in cash after the contract is signed. The other bidder in the tender was the Czech company ZHPSP. Of course, the managers will not have the chance to use the privilege of a deferred payment within 10 years. These preferences were eliminated in end-March when the Privatisation and Post Privatisation Control Act was enforced. The money for the deal will be ensured by a bank credit, Mr. Stamenov explained to the BANKER weekly. Bidding started at BGN4.4MN, each following bid going up by BGN50,000. It is interesting that a company from the circle of the Czech investor - Bulgarian-Moravian Construction Company, managed by Frantishek Sekanina, which bid in the tender on behalf of ZHPSP, is also the major client of the plant for ferro-concrete articles. The Svishtov-based enterprise sells sleepers to the Czechs, who fit them along the Bulgarian railroads under a contract with the Bulgarian State Railways (BDZ). If the foreigners were the winners in the tender, they would had practically closed the circle of producing sleepers and fitting them. Now they remain just clients of the plant.

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