Банкеръ Weekly



The Supervisory Board of the Privatisation Agency (PA) will discuss next week the documents for the sale of 51% of the assets in the airline Hemus Air, the BANKER weekly learned from Nora Stoichkova from PA's press office. According to Ms. Stoichkova, the deal will be discussed by PA's Supervisory Board on Tuesday, July 17. Another official hinted that the sale contract would be signed on July 18.
The reason for the two-week delay (the PA had initially announced that the contract would be signed on June 30) was explained by detailed consideration of all documents in order to eliminate any ambiguity. PA's Executive Director Levon Hampartsumyan insisted that all documents should be perfect in order to avoid any possibility for the deal's attack in court. Unlike his predecessor Zahari Zhelyazkov, who bragged of the work he had done for the sale of Balkan Airlines two years ago, Mr. Hampartsumyan said he wanted to quit the PA without leaving any doubt about any divestment deal.
The last problem, concerning the text under which 17% of the airline's assets are to be transferred to the buyer only after he fulfills all undertaken commitments, was settled as well. According to effective legislation, shares cannot be automatically transferred. Therefore, a preliminary contract for their endorsement was made.

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