Bulgaria Agrees to Give Up Golden Share in Telco BTC
Thursday, 26 September 2013
The Bulgarian government agreed to convert the state's golden share in telecommunications company BTC into a common voting share, it said on Wednesday.
The government has authorised the transport minister to vote in favour of cancelling the share's special rights at a general shareholders meeting of the telco scheduled for September 30, it said in a statement.
The golden share enables the state to veto certain decisions of the company's management.
The transport minister will also vote in favour of removing the telco from the register of public companies.
Sofia-based Viva Telecom Bulgaria, 100% owned by Luxembourg-registered InterV Investment, became BTC's majority owner in November 2012 when units of Russia's VTB Capital and Bulgaria’s Corporate Commercial Bank jointly acquired 93.99% of BTC from NEF Telecom Bulgaria in a debt restructuring deal and transferred it to InterV Investment. After a share purchase of 5.63% stake between February 28 and March 4, Viva Telecom took control of a total of 99.72% of BTC. In July it made a tender offer to buy out the remaining 0.26% from minority shareholders at a price of 2.806 levs apiece.