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3 Tobacco Giants Eye Bulgaria's Bulgartabac
Date: 10/06/2011
3 Tobacco Giants Eye Bulgaria's Bulgartabac

Three top-notch investors have purchased public procurement documents for the bid to privatize Bulgaria's cigarette maker Bulgartabac.

The news was reported by the Bulgarian daily Trud (Labor), cited by

The deadline to purchase the documents was Thursday, 5:30 pm.

The three are said to be the second largest in the world cigarette maker British-American Tobacco, Japan Tobacco International and Korean Tobacco Group.

The Japanese and Korean businesses are planning to launch their own production in the European Union to avoid high import duty on their cigarettes.

The Bulgarian State Gazette published in May the order of the CEO of Bulgartabac Holding, announcing the start of the latest attempt to privatize the company. 5 881 380 shares, amounting to nearly 80% of the capital, are offered for sale.

In the latest bid, the buyer must purchase all cigarette factories of the Holding – the functioning and the long-ago closed ones.

Topic: Economy

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