Bulgaria to put up Bulgartabac for sale in Feb.

By bne IntelliNews January 31, 2011
Bulgaria will announce the privatisation of tobacco company Bulgartabac Holding in the middle of February, Dnevnik daily reported. The exact privatisation scheme is yet to be determined in the coming weeks by the deal advisor Citibank. The bank has already sent inquiries to about 100 potential investors in order to make them familiar with the forthcoming privatisation. The interest of the investors will determine the sell-off methodology. The economy ministry will try to pick a buyer by the summer. Bulgartabac Holding ended 2010 with a profit of BGN 6.34mn (EUR 3.24mn), up 98.5% y/y. The company also reported a continuing growth in net sales revenues, which stood at BGN 4.2mn in the first quarter of 2010 and reached BGN 20.1mn in the last quarter of the year. The company controls some 50% of the domestic tobacco market, according to economy ministry estimates.
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