Invest in Bulgaria - The Preferred Partner of Investors Seeking Opportunities in Bulgaria
Follow:
GUGUSHEV & PARTNERS is among the leaders on the Bulgarian legal market Comprehensive Organization of MBA and EMBA Study Trips in Bulgaria
NEWS BY TOPIC
FDI in Bulgaria (13)
Health (4)
Macroeconomic Data (49)
Business (361)
Investments (155)
Infrastructure (97)
Financial (126)
Economy (350)
Construction (14)
Politics (62)
Real Estate (27)
Interesting Facts (24)
Sports (10)
NEWS BY SECTOR
Software and Information Technology (28)
Real Estate (56)
Tourism (112)
Waste Management (9)
Automotive (23)
Electronics (3)
General (81)
Renewable Energy (66)
Agriculture (22)
Construction (90)
Food and Beverage (20)
Textile (2)

Bulgaria Launches Privatization of State Tobacco Giant
BULGARIA LAUNCHES PRIVATIZATION OF STATE TOBACCO GIANT
Date: 26/04/2011
Source: novinite.com
Bulgaria Launches Privatization of State Tobacco Giant

Bulgaria's state cigarette producer Bulgartabac Holding, whose management has been harshly criticized in recent years, will be declared for privatization on Tuesday after years of procrastination.

The long-delayed procedure will be given the go-ahead by the agency for privatization and post-privatization control.

The sale of Bulgartabac Holding AD, Sopot-based Vazovski Mashinostroitelni Zavodi or VMZ, and the minority stakes in the electricity distributors have been said to be a must-do task in 2011 due to the sorry performance of the state-owned companies.

Citigroup, the consultant preparing the sale of the state company, has made preliminary inquiries with about 100 potential strategic and financial investors from around the world with respect to Bulgartabac's privatization in order to make sure that all "serious" investors are aware of the sale of the Bulgarian cigarette company.

According to the Economy Ministry, there is a sufficient number of companies interested in the privatization of Bulgartabac because it is an attractive asset even at times of crisis.

The method of privatization - – i.e. whether Bulgartabac will be sold through a tender, an auction, or on the Sofia Stock Exchange – will be selected based on the number of interested bidders.

The Economy Ministry said it wants to find a buyer for Bulgartabac by the summer of 2011.

In spite of declarations in April 2010 that Bulgaria's Privatization Agency hoped to complete the sale of state-owned cigarette monopoly Bulgartabac in 2010, no such deal went through by the end of December 2010.

The consultant for the Bulgartabac sale, Citigroup Global Markets Ltd, was picked by the Bulgarian government in February 2010.

Two of the less profitable plants of Bulgartabac holding – in the cities of Plovdiv and Stara Zagora – were sold in 2009 through the Sofia Stock Exchange – for BGN 31 M and BGN 18 M respectively.

The holding currently owns the two larger and more consolidated factories in Sofia and Blagoevgrad as well as a number of commercial brands.


Topic: Business



Featured District
SHUMEN DISTRICT AND CITY INFORMATIONShumen
Invest Bulgaria Charts
FDI as Percent of GDP in Bulgaria
FDI as Percent of GDP in Bulgaria

Unemployed People in Bulgaria
Unemployed People in Bulgaria

See all charts
Did You Know?
Bulgarian Name Days
Bulgarian Name Days
In Bulgaria, Name Days are celebrated in addition to birthdays. A Name Day is celebrated by people ... More

Sandanski town is situated in south-west Bulgaria, at the foot of Pirin mountain. With its unique, mild climate and concentration of mineral water springs, Sandanski is famous as a relaxation and recreation center. It is pronounced for the best natural healing center of Bronchial Asthma in Europe.

Intelligence Pathways - Outsource your Business, Competitive Intelligence or Back Office to Bulgaria

Bulgaria Translation - Full service Bulgarian Translation company

© Copyright 2004-2019 Invest Bulgaria Group Ltd, Sofia, Bulgaria. All rights reserved.

 
Please read Conditions of Use, Copyright Statement and Privacy Policy for this web page and web site.


Bulgaria Translation Bulgarian Agriculture Bulgarian Textile BestFlowers.bg Sofia Web Works Bulgarian Coins Intelligence Pathways Bulgarian Outsourcing

Crafted by Sofia Web Works. Maintained by Website Maintenance, the kings of Website Migration.


Our Featured Members