Privatization Agency in The Dark About Two Bidders

Source from:  Tobacco Reporter 07/08/2011

The head of Bulgaria's privatization agency has said he is unaware of who is behind the two Austrian companies that met Monday's deadline for notifying the agency that they meet the preliminary requirements for bidding for a majority stake in Bulgartabac, according to a Novinite story. It was announced earlier this week that three companies had notified the agency: British American Tobacco and the two Austrian companies, CB Family Office Services and BT Invest. BT Invest is said to be an investment fund, while CB Family Office Services is a consultancy based in Graz. "These are financial groups and still nothing can be said with absolute certainty about the true owners behind them," Emil Karanikolov, executive director of the Agency for Privatization and Post Privatization Control, was quoted as saying. However, Karanikolov said that CB Family Office Services was wholly owned by the Austrian Capital Bank (Capital Bank ‒ Oesterreich), part of Grawe, which in Bulgaria was represented by the insurance company of the same name. And BT Invest was one of the three biggest financial groups in Russia. "But it is entirely possible that the two companies manage foreign assets," Karanikolov added. The privatization agency is due to issue certificates for the registration of the three companies by July 25, while the companies are due to submit binding offers by August 29. The companies will be bidding for a 79.83 per cent share in Bulgartabac. The buyer is expected to be known by September 6. Enditem