Four Candidate Buyers File Bids for Arms Maker VMZ

Four Candidate Buyers File Bids for Arms Maker VMZ

Four candidate buyers filed bids for Sopot-based arms manufacturer VMZ, the privatization agency said.

Local companies Sage Consultants, Emko and Dunarit, as well as lawyer Tihomir Trendafilov, submitted bids in a tender for 100% of VMZ by 5.30 p.m. on Friday when the respective deadline expired, the agency said in a statement.

When evaluating the bids, the price will carry 60% weight, against 30% for the investment plan and 10% for the proposed staff size.

Bulgaria launched a privatisation procedure for the sale of 118,000,000 state-owned shares in VMZ Sopot in early July. One of the eligibility requirements for prospective bidders is combined sales revenue of at least 120 million levs ($75.7 million/61.4 million euro) for the past three years. Tie-ups are barred from the sale procedure.

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