New tender for privatisation of Technoexportstroy initiated

“The initial tender price for 100% of the shares of Technoexportstroy is BGN 60 mln and the bidding step – BGN 1 mln,” announced officials from the Privatisation and Post-Privatisation Control Agency (PPCA). The participation deposit is BGN 10 mln. “This is the second tender and the starting price has been reduced by BGN 8 mln because no candidates appeared at the first tender,” explained PPCA experts.

The price of the tender documents is BGN 4,000, and these can be purchased within 20 days, counted from the date of the decision's publication in the Official Gazette. The Information Memorandum is not included in the tender documents.

Strategic or financial investors, with the same activity as Technoexportstroy and an income from it of at least BGN 15 mln for the last three years, will be entitled to participate in the tender. Financial investors who manage assets or hold shares in other companies totaling no less than BGN 30 mln for the last three years are allowed to participate in the tender as well.

At its meeting on Monday, the Supervisory Board of PPCA defined criteria for the potential buyers of BDZ - Freight Services. According to Russi Statkov, Member of the Supervisory Board, cited by Mediapool, financial investors should have at least €20 mln in own capital. They should have managed assets worth €1 bn over each of the last 3 years. Strategic investors are required to have had a revenue of €400 mln over each of the last three years. Buyers are obliged to invest in the company at least BGN 50 mln within a period of three years, while the amount of BGN 25 mln should be invested within a year after the acquisition.

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