Банкеръ Weekly

Briefs

TEREM ON THE PRIVATISATION SCENE AGAIN

A new procedure will be launched for the sale of the eight companies within the structure of Terem EAD (TEREM Letetz - Sofia, TEREM Georgi Benkovski - Plovdiv, TEREM Ovech - Provadiya, TEREM Khan Krum -Targovishte, TEREM KRZ Flotski Arsenal Varna - Varna, TEREM Ivailo - Veliko Tarnovo, TEREM General Vladimir Zaimov EOOD - Bozhourishre, and TEREM Tsar Samoul - Kostenetz). The State will keep shares in them depending on the needs of the Bulgarian army. That was decided by the Defence Council with the Minister of Defence after a thorough analysis of the enterprises' situation. The analysis showed that the programme for the company's restructuring has not been implemented precisely and the rehabilitation of military works has been delayed.
The attempt at the holding's divestment in the beginning of 2005 failed. Ex defence minister Nikolay Svinarov then authorized the Privatisation Agency (PA) to sell the eight enterprises in a package, but a single offer was filed for the Varna-based company. Thus, the Defence Ministry came to the idea that it would be better to open individual procedures for the sale of the enterprises.
The divestment procedure for 75% of the capital of TEREM - Tsar Samouil EOOD was suspended on June 27. The reason was that none of the bidders in the tender satisfied the requirements. The candidate buyers could not be offshore companies, they were required to have a similar subject of activity - repair or production of defence equipment, and to have posted profits for the last two years.
At present it is known that a German company has announced interest in Terem's defence repair enterprise in Targovishte. It intends to invest BGN100MN in it over the next five years.

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