PM Borissov and Ministers Djankov and Traikov follow up on the Bulgartabac deal

Minister of Economy, Traicho Traikov spoke of the Bulgartabac deal, specifying that he would look into it very carefully as well as monitor the process together with  Prime Minister Borissov and Deputy Prime Minister Djankov.  He also added that the current deal is better than the one the previous government had prepared.

The Privatisation and Post Privatisation Control Agency announced on Wednesday that BT Invest, connected with the Russian Vneshtorgbank, was selected for a buyer of the tobacco monopoly. The registered in Austria company BT Invest offered price of  €100.1 mln for 79.83% of the capital of Bulgartabac Holding. Contract negotiations will start tomorrow (September 2).

"The assets from the balance sheet of the company are worth €560 mln, while the financial assets amount to approximately BGN 290 mln. See for yourself if the offered one hundred million is enough," commented the deal the deputy from Coalition for Bulgaria and a former energy minister, Rumen Ovcharov.

The Supervisory Board of the Privatisation Agency set the criteria, by allocating priority to social commitments and purchasing quantities of tobacco, explained Traikov. Some 8 years ago during the government of Simone Saxe-Coburg-Gotha, the big tobacco corporations had not yet made their investments and laid out production capacities in the area and at the time a much more profitable deal could have been concluded.
 

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