Government Refuses to Return Golden Share to Bulgaria Telecom

The Ministry of transport and Communications had to return the golden share to BTC until June 10, 2009. File photo

The Bulgarian government has refused Wednesdayto return the golden share to the Bulgarian Telecommunication Company (BTC).

The Transportation Minister, Petar Mutafchiev, has announced the state's decisions, Darik Radio reported.

In his words, the reason for the refusal is that BTC did not fulfill some of the contract clauses. He have not, though, provided any further information on what, specifically, BTC messed up.

The Ministry of transport and Communications had to return the golden share to BTC until June 10, 2009.

Under the contract, the golden share that entitles the government to block decisions concerning the activity of the company has to become an ordinary on and to be sold for BGN 1 to the majority owner of the company.

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.

 

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