Fri, Feb 10 2012

Terem privatisation to kick off by late March - CEO

Tue, Mar 11 2008 12:15 CET

byElena Koinova

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Bulgaria's Defence Minister Vesselin Bliznakov will launch the sale of state stakes in Bulgaria's military equipment maker and repair group Terem by the end of March, chief executive of the holding Marian Yovchev told reporters, as quoted by Dnevnik daily on March 11.

The privatisation strategy was approved by the Bulgarian cabinet in December last year. The process, in the works since 2005, will begin with public tender announcements in Bulgarian and foreign press.

Each of Terem's eight subsidiaries will be sold individually, yet will be grouped into two categories of four factories each, depending on whether the assets are considered strategic. The Defence Ministry will float for sale 66 per cent of the shares of the four factories of "strategic importance" and 74 per cent of the shares of "non-strategic" companies.

"Non-strategic" stakes are due to be sold within three to five months since the public tender is called and for "strategic" companies the deadline is at least six months. The first contracts are expected to be signed in early autumn this year.

The blueprint for the holding's restructuring was drawn up in the middle of last year by KPMG Bulgaria and law firm Arsov, Nachev, Ganeva.

Eligible candidates should be financially sound and can group in consortia. Companies registered in Nato member states and with in the same line of business as Terem's will be given priority.

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