SOFIA: Bulgaria said Tuesday it was reviving plans to privatise its cigarette maker Bulgartabac, six years after the failed attempt to sell it off to British-American Tobacco (BAT).
Sofia hopes to sell a 79.83-percent stake in the company to a "strategic investor", while the remainder would be floated on the stock exchange, the national privatisation agency said in a statement.
Any potential buyer would have to be active in the tobacco industry, have annual turnover of at least 1.0 billion euros ($1.5 billion) and be able to handle at least 12,000 tonnes of tobacco per year, the privatisation agency said.
Three companies who have met those conditions have expressed their interest so far said agency chief Emil Karanikolov: US giant Philip Morris, Japan Tobacco International and Korea's KT&G.
British-American Tobacco, on the other hand, was not among the candidates.
The deadline of August 27 has been set for bids, with a decision to be announced on September 6, Karanikolov said.
Bulgartabac employs a workforce of 2,400, generates annual profits of 8.8 million euros and is worth an estimated 40 million euros.
Comments
Comments are closed for this article.