Bulgaria Sells Golden Share in Telco for BGN 1

Bulgaria's golden share in the former state-owned telecom BTC, entitling it to block decisions concerning the activity of the company, will be sold at a price of BGN 1 to the majority owner of the company AIG.

"The deadline for the state to have control over the telecom activities expires in June this year," Transport Minister Petar Mutafchiev announced.

Viva Ventures, a consortium led by Advent International, bought a 65% stake in the Bulgarian Telecommunications Company, BTC, in June 2004 for EUR 280 M plus a EUR 400 M investment program.

Under the contract the state is obliged to sell its golden share to the majority owner of the company five years after signing the deal, while it can exercise its right for a buyback.

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