The Privatization Agency postpones the purchase of BDZ Freight services

The final draft contract on the purchase of BDZ Freight services was submitted to the Supervisory Board of the Bulgarian Privatization Agency today, but its final adoption was postponed. The supervisors requested additional documents from several departments in order to approve the tender procedure.

Italian, Spanish and Austrian companies have expressed interest in the purchase of BDZ Freight services, announced before Darik radio Emil Karanikolov, Head of the Agency. Officials explained that so far the Russian State Railways had not made any inquiries, but stressed that it could appear at a later stage. In fact, the legality of the deal is questionable because the company is sold as a separate entity from the Holding Bulgarian State Railways EAD, explained also the Agency's representatives.

The main criteria for the financial investors of BDZ Freight services include an own capital of €25 mln as well as experience in the management of assets worth €1 bn for each of the last 3 years. The strategic investors must have a total turnover of €500 mln over the last three years. The financial analysis of BDZ Freight services was implemented by the law firm Kamburov and Partners. The company's assets were estimated at BGN 300 mln.

The Bulgarian Union of Railwaymen with the Confederation of Independent Trade Unions of Bulgaria proposed the new owner of BDZ Freight services to be obliged not to change the field of activity for at least 10 years in order to maintain the staff number and to preserve the Payroll Fund for a period of 5 years.

The syndicates also believe that the company needs further investments of BGN 50 mln, while half of the amount should be infused in the first year. This is necessary because it is currently operating with only 1, 800 carriages, although it has a fleet of 5, 000, stated before Klassa daily, the Chairman of the Union of Railwaymen, Petar Bunev. He highlighted that the wagons and locomotives needed major repairs in order "no cargo to be refused as it happens now''. Besides, the compensation should cover the amount which was not invested for the given accounting year plus the interests in arrears, if there are any.

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