Bulgaria to sell stake in state-controlled tobacco company

Sofia – The Bulgarian privatization agency said Tuesday that it is putting up for sale the country’s remaining stake in cigarette manufacturer Bulgartabak Holding.

The government holds 79.83 per cent of Bulgartabak, with the rest already privatized. Prime Minister Boyko Borisov’s cabinet declared the sale of the majority stake one of its priorities for 2011.

Over the years, giants Philip Morris, Japan Tobacco and the Korean KT&G have expressed interest in Bulgartabak, a Communist-era monopoly, local news reports said.

Bulgarian officials have estimated the sale could raise 100 million euros (145 million dollars). Shares from the portion already privatized are traded on the Sofia stock exchange.

How the stake will be sold – through tender or direct negotiations with a potential buyer – will be decided later.

source: www.monstersandcritics.com

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