Bulgaria Switches Format for Technoexportstroy Sale

Bulgaria Switches Format for Technoexportstroy Sale

Bulgaria opened a competitive procedure for the sale of 100% of state-owned construction company Technoexportstroy after two tenders for the company failed to attract investor interest, the country's privatisation agency said.

The participation deposit is set at 10 million levs ($6.4 million/5.1 million euro), as participation documents can be obtained at a price of 4,000 levs, the agency said in a press release on Thursday.

Candidate buyers should have had a cumulative income of at least 20 million levs in the last three years and a positive financial result during that period. Tie-ins will not be allowed to take part.

Offers can be submitted by 3 p.m. on the 44th day after a notice on the launch of the competitive procedure is published in the State Gazette.

In April the agency unsuccessfully tried to sell Technoexportstroy in a tender with a starting price of 68 million levs. A month later it staged a second tender in which the starting price was lowered to 60 million levs but it too failed to attract bidders.

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