Bulgaria’s Emko Advances to Second Stage of VMZ Sopot Sale Procedure

Bulgaria’s Emko Advances to Second Stage of VMZ Sopot Sale Procedure

Bulgaria's privatisation agency said it has admitted local company Emko to the second stage of the sale procedure for 100% of state-owned arms maker VMZ Sopot.

"The company meets the pre-qualification requirements and can proceed to the next stage of the privatisation," the agency said in a press release on Wednesday.

Emko can now purchase an information memorandum, inspect the arms maker and then file a binding offer.

Earlier this month, the agency announced that Emko remained the only candidate buyer for VMZ Sopot after the documents filed by the other two companies, Sage Consultants and Dunarit, were rejected on the grounds that they do not meet the terms of the privatisation strategy.

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