Binding Bid Deadline for Arms Maker Expires Jan 14

Binding Bid Deadline for Arms Maker Expires Jan 14

The deadline by which local company Emko, the only potential buyer of a 100% stake in arms manufacturer VMZ Sopot, should file a binding offer for the plant expires on Monday.

The deadline was extended for a second time on Friday.

Late last week, the trade unions and Emko held negotiations as the potential buyer proposed cutting the number of workers to 1,800 from the current 3,200, the Bulgarian National Television reported. The sides failed to reach an agreement, as the trade unions would not back off from demands to keep unchanged staff size, the collective labour contract and workers' wages.

Bulgaria launched a privatisation procedure for the sale of 118,000,000 state-owned shares in VMZ Sopot in early July. In November, the privatisation agency said Emko was the only candidate buyer admitted to the second stage of the sale procedure.

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