Bulgaria Nixes Contract with Czech Consultant for Bourse Sale

Bulgaria's Finance Ministry, which holds a 50.0542% stake, suspended the sale procedure at the end of February in the wake of the shocking resignation of the former government, headed by Boyko Borisov, the bourse announced on Thursday. File photo

Bulgaria has suspected the contract with Czech company Patria Corporate Finance after decided to abandon the privatization of the bourse.

Bulgaria's sale agency picked at the beginning of December Czech company Patria Corporate Finance to act as consultant as the country was looking for an investor for its only stock exchange.

The company, which is part of the Belgian group KBC, was preferred to Deloitte Bulgaria and Bulbrokers Consulting.

For sale was 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.

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

The consultant had one month to perform its tasks, which means that the preparation of the transaction has already been completed.

Bulgaria's Finance Ministry, which holds a 50.0542% stake, suspended the sale procedure at the end of February in the wake of the shocking resignation of the former government, headed by Boyko Borisov, the bourse announced on Thursday.

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