Tender for Arms Maker VMZ Sopot Cancelled

Tender for Arms Maker VMZ Sopot Cancelled

The privatisation agency terminated a procedure for the sale of a 100% stake in arms manufacturer VMZ Sopot.

The tender was cancelled as the sole potential buyer, local company Emko, failed to submit a deposit guarantee of 3.0 million euro ($4.0 million) after presenting its binding offer. The deadline for the guarantee expired at 1300 GMT on Monday.

Bulgaria launched a privatisation procedure for the sale of 118,000,000 state-owned shares in VMZ Sopot in early July.

In November, the privatisation agency said that local company Emko was the only candidate buyer admitted to the second stage of the sale procedure.

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