The sale of the state-owned residual shares in EDCs to be initiated

"The Agency for Privatisation and Post- Privatisation Control will initiate the sale of the state-owned 33% stakes in the Electricity Distribution Companies (EDCs) EVN Bulgaria and CEZ Electro Bulgaria in a few days," said Executive Director Emil Karanikolov yesterday for BNR (Bulgarian National Radio). Investment intermediary companies in charge of the forthcoming sale on the Stock Exchange will be invited to tender. The contract for the sale of the residual state-owned share in E.ON Bulgaria is currently being implemented.

"Minority packages in Terem JSC, Arsenal JSC and VMZ-Sopot JSC will be offered for privatization as well," added Karanikolov. According to him, Bulgartabac Company must be sold while it is still profitable. The consultant on the transaction, Citigroup, is now negotiating with foreign investors alone.

Karanikolov rejected the accusations in selectivity when considering the candidates for the acquisition and lack of transparency in the tender conditions for the sale of the state-owned tobacco holding. "Those who criticize the agency, should first examine the tender documentation in order to see how the transaction is structured and to understand how we intend to protect the state and public interests," said the Head of the Privatisation Agency. Only strategic and financial investors will be eligible to participate in the tender procedure.

According to Karanikolov, there is a danger with respect to the Bulgartabac deal and the investor might only buy the enterprise in order to close it down. Karanikolov announced that only one member of the Supervisory Board of the Prtvatisation Agency abstained from voting, regarding the announcement of the procedure for privatisation of the tobacco holding last week, because he had doubts whether a profitable company should be sold. Klassa found out that this was Russi Statkov.

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