Bulgaria Launches New Sale Procedure for Arms Maker VMZ Sopot
Thursday, 01 January 1970
Bulgaria opened a new procedure for the sale of 100% of arms manufacturer VMZ Sopot, the country's privatisation agency said.
Binding offers have to be filed by the 185th day after the tender notice is published in the State Gazette. A total of 118,000,000 VMZ Sopot shares will be put up for sale.
Prospective buyers should have booked at least 60 million levs ($40 million/30.7 million euro) in combined sales revenue for the past three years.
On January 14, the privatisation agency terminated a procedure for the sale of VMZ Sopot as the sole potential buyer, local company Emko, failed to submit the required bank guarantee of 3.0 million euro after presenting its binding offer. In February Bulgaria took heavily indebted ammunition manufacturer VMZ Sopot off the list of companies of national security importance, in order to speed up its privatisation.
The company, based in Sopot, in central Bulgaria, manufactures aviation and antitank missiles and artillery ammunition.