Bulgaria's Tobacco Monopoly Sale Consultant Gets Final Ok

Bulgaria's Tobacco Monopoly Sale Consultant Gets Final Ok

Bulgaria's privatization agency has greenlighted the contract with Citigroup Global Markets Ltd., which was picked in February to advise the sell-off of the country's state-run tobacco producer Bulgartabac.

The final seal of approval was delayed after Raiffeisen Investment - Kamburov, which ranked second in the contest for consultant, appealed the decision only to withdraw its objections later.

Citigroup Global Markets Limited was picked in February outbidding three companies, including a tie-in between KBC Securities and Tokushev & Co, Raiffeisen investments- Kamburov and Renaissance Securities.

Citigroup Global Markets Limited represents the European investment banking arm of US-based financial services giant Citigroup. Its activities include underwriting equities and fixed-income products, equity research, and banking services for multinational corporations, middle-market enterprises, and small businesses.

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