Bulgaria Opens New Sale Procedure for Freight Unit of State Rail Co

Bulgaria Opens New Sale Procedure for Freight Unit of State Rail Co

Bulgaria's privatisation agency said it has opened a new one-round public tender procedure to sell the freight transport unit of state-owned railway holding company BDZ.

The first sale procedure was launched in June only to be cancelled a month later due to lack of serious investor interest.

A total of 2,325,087 shares in the company, equivalent to 100% of its capital, are put up for sale, the agency said in a statement on Friday.

Eligible strategic investors should have had a rail freight transport licence for the last five years and a turnover of at least 100 million euro ($127.6 million) in each of the last three years.

Financial investors, meanwhile, will be required to have had at least 400 million euro in assets or equity holdings under management in each of the last three financial years.

Binding bids should be submitted by the 82th day following the tender's promulgation in the State Gazette. The security deposit has been set at 20 million euro.

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