Sat, Jul 04 2009

101 state-run companies put on watch

Fri, May 02 2008 12:12 CET byElena Koinova 145 Views

Bulgarian ministries will put 101 companies under special surveillance, the Bulgarian Government decided April 30. The companies in question are either majority state-owned or the state has a "golden share" in them, allowing it to block key decisions of the majority shareholders.

The decision aims to tighten fiscal discipline at the companies, preventing them from straying from their financial targets, assessing their risk profile and ensuring they pay their taxes on time, the Government's press office said.

Individual ministries will be tasked with tracking the financial and business health of enterprises, their business plans and overall performance.

The companies are divided into two categories. The first, comprising 79 majority state-owned firms, includes Bulgarian state railways BDZ; the company managing the railway infrastructure; shipping firm Navigation Maritime Bulgare; the ports of Varna, Bourgas and Vidin; the port complexes of Lom and Rousse; the airports in Sofia, Plovdiv and Gorna Oriahovitsa; Bulgarian Post; gas companies Bulgargaz and Bulgartransgaz; heating utilities; and defence industry companies.

The second category, comprising 22 companies of public interest, in which the state has the "golden share", includes flag carrier Bulgaria Air, Bulgarian Telecommunications Company, Agropolichim, Arsenal, Assarel Medet, CEZ Bulgaria, Kremikovtzi and LUKoil Neftochim.

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