Bulgarian Privilization Agency announced on friday evening, they had been signed privilization contract and documents with Turkish bidder. Contract which is signed by Turkish Telecom / Koc Holding consortium, is amount of EUR 215 million.
The Privilization process for 65% stake of BTC which is driven by IMF, is going on since september 24th of 2002. It is driven by IMF. Bidder offers had been analysed by privilization agency on price (80%), staff strategy (15%) and investment offers (5%) base. At october 25th, Privilization Agency announced, bid won by Viva Ventures.
Viva Ventures offer was EUR 200 million against Turkish consortium’s was 185. Lack of experience of Viva Ventures, in telecom sector was a disadvantage, according to Bulgarian officers.
But during 50 days, contract conditions couldnt be realise, so Bulgarian officers called Turkish consortium who accepted to raise the offer. Viva Ventures complainted supervisor board of BTC at Supreme Administrative Court. Case is still under progress. So, Bulgarian privilization agency decision is suprize for the telecom sector.
Turkish bidder accpeted the sale price has been increased by EUR 30 M from the initial bid of EUR 185 M to EUR 215 M. The contract envisages EUR 400 M of investments, another EUR 218 M of additional investments and EUR 70 M for the release of state-secured guarantees.
During privilization, in 4 years 4400 will be laid-off. 2000 will be held in the first year.
Following the signing of the privatization contract, one of the conditions for paying the price and transfer of the shares is that the third GSM license is given to the Bulgarian Telecommunications Company.
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