Банкеръ Weekly

Briefs

VOINTECH COMPANY TO BE SOLD AT A PUBLIC TENDER

The defence industry enterprise Vointech will probably go into private hands at a public tender on January 25. The initial selling price has been set at BGN20MN, and the bidding step is BGN300,000. Documents for participation in the tender will be accepted till January 24.The company organizes driving courses, trains pilots and teaches civilians how to handle weapons. Vointech owns many military real estates in the country, a lot of which were sold as separate units by the Privatisation Agency (PA) over the last two years and a half. On July 18, 2003 the PA decided that 40% of the proceeds from the sale of some of Vointech's independent units would remain at the disposal of the company. According to data of the PA, Vointech EOOD had a turnover of BGN5.5MN for the first nine months of 2004, and for the entire 2003 it was almost BGN9.4MN. The enterprise ended the last three years at a loss of almost BGN3MN. For the first three quarters of 2004 it posted a loss of BGN2.2MN. In addition to Vointech, PA's plans for 2005 include divestment of another 45 majority packages of defence industry enterprises, among them Teraton EAD, Kintex EAD, and Vazovski Machine-Building Plants EAD. Sale of 167 minority packages of trade companies has been projected as well. The PA expects to get from the sale BGN450MN in cash and BGN300MN in investment bonds and compensation instruments.

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