Austrian BT Invest GmbH offers €100.1 mln for Bulgartabac

“The only candidate for the purchase of the state owned Bulgartabac Holding has offered €100.1 mln for a 79.83% stake in the group,” announced officials from the Privatization and Post-privatization Control Agency (PPCA). Currently, the Holding comprises of the two cigarette factories in Sofia and Blagoevgrad and a processing factory in the village of Yasen, Pleven region. The deadline for submission of binding offers and payment of the deposit by the Austrian-based BT Invest GmbH expired yesterday.

CB Family Office Service GmbH, Austria, BT Invest GmbH, Austria, and British American Tobacco Ltd, London, purchased documents for participation in the privatization procedure. Later, both CB Family Office Service and British American Tobacco gave up on participating in the tender."This has been the fourth attempt for privatisation of the cigarette factories, since 1998 until now, and the first one, reaching a submission of binding offers.”

BT Invest’s price proposal is by €100, 000 higher than the projected, two years ago by the Minister of Economy and Energy and Tourism, privatisation revenues of € 100 mln. The company's assets have been evaluated at that.

BT Invest, where Russian State-owned Foreign Trade Bank holds a 75% stake has paid the deposit of €10 mln. The buying of 5,000 tonnes Bulgarian tobacco, per year, over a period of five years, is an additional condition, included in the offer. Investments, carried out in the first year after the acquisition are pledged to reach BGN 2 mln and in the second one - BGN 5 mln.

The Executive Board of the Agency for Privatization and Post - privatization Control is expected to rule on the bid and eventually to submit the transaction for approval by the Supervisory Board of the institution.

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