Bulgartabac Sale Sparks Interest

Source from:  Tobacco Journal 04/28/2011

Korea's KT&G, Japan Tobacco International, Philip Morris and a few financial investors have declared interest in the privatization of state cigarette producer Bulgartabac Holding, reports news agency Novinite. A stake of 79,83 per cent in Bulgaria's state cigarette producer Bulgartabac Holding, whose management has been harshly criticized in recent years, was put on sale on Tuesday. The long-delayed privatization procedure will officically go ahead by an announcement of the agency for privatization and post-privatization control in the State Gazette on 10 May. "The buyer of Bulgartabac will be known in September," the Executive Director of the Agency for Privatisation Control Emil Karanikolov said at yesterday's press conference. The bidder with the highest offer will be selected for buyer. No initial price has been set. Bulgartabac Holding announced a profit of BGN 1.319 million in the first quarter of 2011, which compares well to a net loss in the first quarter of 2010. Enditem