Three Bid to Consult Bulgaria's Stock Exchange Sale

BSE Chief Executive Ivan Takev (pictured) says the bourse is worth about EUR 10 M, which means a sale of the government’s stake would be worth around EUR 5 M. Photo by Sofia Photo Agency

Deloitte Bulgaria, Bulbrokers Consulting and Czech Patria Corporate Finance, which is part of the Belgian group KBC, have submitted bids to provide counseling regarding the sale of Bulgaria's only stock exchange BSE.

For sale is the government's stakes of just above 50% in the Bulgarian bourse and in the Central Depository, which clears and settles trades and also acts as a register of securities.

Bulgaria's privatization agency is due to pick the winning bid within ten days.

The selected company will have to prepare marketing, legal and financial analysis of both companies, evaluate them and write information memoranda.

The consultant will have one month to perform its tasks, which means that in December the preparation of the transaction will be completed.

According to BSE Chief Executive Ivan Takev the bourse is worth about EUR 10 M, which means a sale of the stake would be worth around EUR 5 M.

However, the depository is not a listed firm, so its valuation and sale price would have to be calculated by the consultants in charge of selling the assets.

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