Sat, May 26 2012

Buyer of Bulgartabac would have to share part of revenue with the state - minister

Tue, Nov 16 2010 08:44 CET

byDnevnik.bg

1435 Views
Buyer of Bulgartabac would have to share part of revenue with the state - minister

A woman hangs up strings of tobacco leaves to dry near the town of Momchilgrad, about 350km south-east of the Bulgarian capital of Sofia.

Photo: Reuters

The potential buyer of Bulgarian majority state-owned tobacco group Bulgartabac Holding will be required to inject part of the company's revenue from excise duties into the state budget, Economy Minister Traicho Traikov said on November 15 2010.

Speaking at a meeting with representatives of the Bulgarian Business Leaders Forum, Traikov said that Bulgartabac's sale has secured an "encouraging interest from financial and strategic investors," but declined to elaborate.

The procedure on Bulgartabac's privatisation will soon be launched through the publication of an information memorandum and other documents, currently prepared by the deal's advisor Citigroup.

The tobacco group's sale is stipulated in the privatisation agency's 2010 sell-off programme.

At the start of 2010, Bulgarian Prime Minister Boiko Borissov said that privatisation proceeds for the current year could reach a billion leva on condition that Bulgartabac's sale takes place.

Source: Dnevnik.bg

  • Print
  • Send via email
  • Translate to
  • Share:

To post comments, please, Login or Register.


Please read the The Sofia Echo forum comments policy.

Bulgaria's cigarette sales decreased 35 per cent in 2010

Bulgaria's cigarette market decreased by more than 35 per cent to 10.6 billion pieces in 2010, according to domestic tobacco companies' figures. In 2009, sales were 16 billion pieces, and in 2009, 19 billion.

Bulgarian Government to start major privatisation on December 14

Public auction of state stakes in 31 companies will be held between December 14 to 27 on the Bulgarian Stock Exchange Sofia.

Sales of local cigarette brands in Bulgaria continue to decline

Bulgartabac, however, said that the company and the market in general had started to display a positive trend in recent months.

Turning to ash

Cigarette contraband is up, domestic sales are down and cheap brands are out as Bulgaria’s tobacco industry saga smoulders on

Citigroup to advise sale of Bulgaria's tobacco giant Bulgartabac

The company will pocket 1.018 million euro to carry out a legal analysis, make a sell-off assessment as well as organise and maintain a webpage. It will get 1.6 per cent of Bulgartabac’s sale price.

Bulgartabac Holding can be privatized by the middle of 2010

Economy Minister Traicho Traikov says the price could be 100 million euro

More in this category

Saab awarded $2.4M military training equipment contract in Bulgaria

The funding is provided under the foreign military sales programme of the US army's Program Executive Office of Simulation, Training and Instrumentation.

Two Brits fined for hooliganism in Bulgaria’s Veliko Turnovo

The UK nationals were arrested after throwing beer bottles at people after being refused entry to a restaurant that had closed for the night.

Tourism: Bulgaria to spend 300M leva on restoring castles, ancient sites

Restoration and development projects include Madara Horseman, Arbanassi fortress, Magura cave.

Sovereign Order of Malta assists hospital in Bulgaria’s Iskrets

Simeon Saxe-Coburg and his spouse Margarita opened a new heating and insulation system at the Tsar Ferdinand Hospital for Pulmonary Diseases in Iskrets, a project implemented thanks to the Embassy of the Sovereign Order of Malta in Sofia and the Nando Peretti Foundation.

Bulgarian Parliament passes confiscation act

According to the law's provisions, the commission will have the power to investigate individuals without prior notification and would not require a criminal conviction in order to launch an investigation.

© 2000-2012, Sofia Echo Media Ltd.

Web Design by RIZN

Sofia Echo Media is part of the Economedia Group.
The news and information content on this website is provided by our editorial team and is copyrighted. Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site. Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com. Sofia Echo Media cannot be held responsible for the statements contained in visitor comments. The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes, and should not be used as a basis for decisions about buying or selling stock options.