Bulgaria to Sell Duty-Free Zones on Stock ExchangeBusiness | May 9, 2011, Monday // 18:33| views
The building of the Bulgarian Stock Exchange in Sofia. Photo by Sophia Photo Agency.
A total of 26 companies with full or total state participation will be floated on the Bulgarian Stock Exchange (BSE), announced the Agency for Privatization and Post-Privatization Control on Monday.
Among the attractive companies whose shares will be put up for sale are 100% of Sofia-based Montazhi, 100% of Duty-free zone Svilengrad, 46.398% of Duty-free zone Plovdiv, 46% of Transit Trade Zone AD Varna, 19% of Duty-free zone Burgas and 7.6% of Private Shareholders Company Zografski AD.
A total of 18 of these companies will be sold via non-cash payment, the privatization watchdog added.
The initial date for the offering of the share packages at a centralized public tender is the sixth working day following the publication of the tender announcement in the State Gazette, with an end-date of 14 working days from the promulgation.
Emil Karanikolov, head of the Privatization Agency, recently announced that Bulgaria's center-right GERB party Cabinet planned to raise BGN 450 M from privatization of fully or partly state-owned companies in 2011. In his words, the companies on the table included a couple of "giants" – cigarette-maker Bulgartabac, Bulgaria's largest military plant VMZ Sopot, and construction company Technoexportstroy – as well as some smaller companies and state minority stakes in power utilities.
Montazhi EAD deals in industrial and energy projects in the country and owns estates with a total area of 383 000 sq m in major cities in Bulgaria.
Duty-free zone Svilengrad is located on a territory of 70.139 decares, including 16 buildings which are rented. The company specializes in customs brokerage and on-and-offloading activities. Montazhi EAD and Duty-free zone Svilengrad have been contributed to the State Consolidation Company.
Duty-free zone Plovdiv spreads on 9 233 sq m of covered and open-air warehouse area. The company's subject of activity includes production, trade and warehousing; assembly, disassembly; packing, repackaging, labeling; secretarial services; modern telecommunications; conference halls and offices, which can be offered to the customers; technical control; loading, discharging, stacking and other services; bank; cleaning services; maintenance and repair of the infrastructure of the zone; parking; caf? and other services requested by the customers.
Transit Trade Zone AD Varna has an administrative building with an area of 204 sq m, a border check point with a built area of 40 sq m, outdoor facilities, warehouses, an access ramp for unloading automobiles and containers and engineering infrastructure spreading on 12 000 sq m of concrete ground. The company specializes in packaging, unpackaging, final processing, ownership change, unlimited cargo stay, etc. A port for public transport is to be built in the zone, for which investment agreements have been reached with US company Port Investment Development Inc.
The information memoranda (with the respective addenda) of Montazhi AD, Duty-free zone-Svilengrad, Duty-free zone Plovdiv, and Transit Trade Zone can be accessed at the building of the Privatization and Post-Privatization Control Agency every working day following the promulgation of the tender announcement in the State Gazette until the end-date for the carrying out of the centralized public tender. Within this timeframe, the memoranda can be purchased at the cash point of the privatization watchdog.
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