Bulgaria To Speed up Sale of VMZ Sopot, Aims To Wrap up Deal by End-Nov

Bulgaria To Speed up Sale of VMZ Sopot, Aims To Wrap up Deal by End-Nov

The economy ministry said it will speed up the privatisation procedure for the 100% state-owned stake in arms maker VMZ Sopot so that the deal could be wrapped up by the end of November.

The selected buyer will be obliged to settle wage arrears which currently total 1.38 million levs ($913,200/705,600 euro), a ministry statement quoted economy minister Delyan Dobrev as saying on Wednesday after a meeting with the plant's managers.

Bids have been submitted by Bulgarian-based Sage Consultants, Emko and Dunarit. Candidates have until October 29 to file paperwork certifying they compliance with the preliminary qualification requirements.

In early July, Bulgaria opened a single-round competitive procedure for the sale of 118,000,000 state-owned shares in VMZ Sopot.


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