Greek Buyer Offers 2.3 Mln Levs for Tobacco Plant Sandanski BT

Source from:  news.dnevnik.bg 01/23/2007

Greek tobacco processing company Leaf Tobacco Michailidis is offering 2.3 mln levs for tobacco processing plant Sandanski BT, said Bulgarian tobacco monopoly Bulgartabac Holding. Bulgartabac is selling 99.946% of Sandanski BT for a minimum 2.1 mln levs. The bid receipt deadline expired on January 17. The submitted offers will be graded solely on their price parameters. The sale of the Sandanski-based plant is part of the holding's corporate restructuring program. The next 2 Bulgartabac subsidiaries that will go up for sale are Smolyan BT and Kardjali BT, said Vladimir Karolev from the consortium hired to advise the privatisation procedure. The 2 companies are not public and therefore will be sold through a competitive procedure. The Bulgartabac management is expected to approve the papers for the sales within the next 10 days. More information on the upcoming privatisation of cigarette factories Plovdiv BT and Slantse Stara Zagora BT is expected to be made public over the next couple of days. Bulgartabac's initial plans were for the companies to be sold on the local stock exchange together with their cigarette-making licences. The tobacco holding has so far successfully sold subsidiaries in Plovdiv and Pazardjik, both on the local bourse. Pazardjik BT fetched 4.72 mln levs while J.G. BT sold for 27.6 mln levs. Enditem