FinMin Calls off Sofia Bourse Sale Attempt

FinMin Calls off Sofia Bourse Sale Attempt

The privatisation agency, acting at the request of the finance ministry, called off a sale procedure for the state-owned stakes in the operator of the Sofia stock exchange and the central depository, the bourse said.

The agency has been notified by the finance ministry, which holds 50.05% of the operator of the bourse and 43.07% of the central depository, that it withdraws its request for a privatisation procedure, the bourse said in a statement published on its website.

The privatisation agency has consequently terminated the contract with Czech company Patria Corporate Finance, which it hired in December to advise the deal and to prepare a due diligence study.

A year ago the finance ministry authorised the government's asset-selling agency to prepare the sale of its stake in the bourse operator and the central depository to a single strategic investor. At the end of September the privatisation agency opened a tender procedure for an adviser to the sale of the two companies.

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