TENDER FOR BULGARIA AIR INVITED
The price of the tender dossiers which do not include the company's information memorandum, is BGN2,000 or its equivalent in euro, and the info memorandum costs BGN5,000. It will be sold to the candidates who have purchased tender dossiers and meet the preliminary qualification requirements.
The State will preserve its right to control the future buyer by keeping a golden share in the air company. Strategic or financial investors, registered in Bulgaria under the Commercial Code, may also bid in the tender. The candidate buyers should be strategic investors in the sphere of civil aviation - Bulgarian juristic or foreign persons or juristic persons from EU countries. The participants in the tender should have proceeds from aviation services exceeding EUR150MN for each of the last two fiscal years and to have transported more than 750,000 passengers each of the last two calendar years.
Financial investors - Bulgarian juristic or foreign persons or juristic persons from EU member states - should had been managing financial assets exceeding EUR250MN each of the last two fiscal years and hold aggregate share participation in other companies worth EUR150MN-plus.
According to the strategy for the privatisation of the national flag-carrier, voted by Parliament in end-March, its sale will be effected through a publicly announced tender in two stages - preliminary and conclusive. Bidders admitted to the second stage shall be allowed to carry out their own legal and financial analyses of Bulgaria Air. They will have to present a 5-year business plan with proposals for investments and a social programme.
No interest in the purchase of Bulgaria Air has been announced so far, but according to Transport Minister Peter Mutafchiev, two potential investors have been talked about. The Bulgarian Hemus Air will certainly take part in the bidding but it's not yet known if it will participate as a strategic investor in a consortium with foreign air companies or will use the assets of its owner Chimimport and Central Cooperative Bank for the option of a financial investor. According to publications in mass media, Austrian Airlines in which Austria's Government holds shares, is the other company interested in Bulgaria Air.