Bulgaria Sets Lower Price in Second Attempt to Sell Technoexportstroy

Bulgaria Sets Lower Price in Second Attempt to Sell Technoexportstroy

Bulgaria will make a second attempt to sell in a tender 100% of state-owned construction company Technoexportstroy, reducing the starting price to 60 million levs ($40 million/30.7 million euro), the country's privatisation agency said.

At the beginning of last month, the agency terminated the first tender with a starting price of 68 million levs after it failed to attract investor interest. Although three companies bought tender documents, none of them filed a bid within the set deadline.

Only companies with a cumulative income of at least 15 million levs for the last three years and a positive financial result during that period will be allowed to participate in the tender, the agency said in a statement on Tuesday. Tie-ins and consortia will not be admitted to participation.

Tender documentation can be obtained at a price of 4,000 levs.

The auction will be held within 45 days after a tender notice is published in the State Gazette. A total of 103,970 company shares will be put up for sale.

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