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Fri, Feb 10 2012
JP Morgan to help sell-off
Privatization Agency (PA) executive director Apostol Apostolov and JP Morgan investment bank representatives discussed the forthcoming privatization of monopolies and large infrastructure companies last Thursday. The emerging markets directors of Shell, EFG Eurobank Ergasis, the Royal Bank of Scotland, Gulf International Bank and Plan Econ Inc. also attended the meeting.
JP Morgan vice-president Sherenik Davda said serious investor interest had been registered in the privatization of Bulgartabac and the Bulgarian Telecommunication Company. The bank offered to help with the privatization of the two companies as a consultant to potential buyers.
Apostolov briefed the businessmen on what had been accomplished in privatization and the forthcoming amendments to the Privatization Act and new procedures. The aim is to increase the share of cash privatization, curtail the privileges of management-employee buyouts and sell-offs for compensatory vouchers. Privatization through negotiations will not be employed. Big companies will be sold through competitive bidding.
The privatization procedure for the State Insurance Institute (DZI) may be closed within two weeks unless an agreement is reached on the terms of the contract with the present candidate, a consortium of TBI Holding and DZI 2000, Apostolov announced in a press conference last Thursday.
The new privatization law has been drafted and it will put up for sale all of the 1,780 companies in the country wherein the state holds a participating interest, except for a few companies short listed by the Council of Ministers.
Economy Minister Nikolai Vassilev said in a Bulgarian National Television interview on Friday evening that this was not a revamped version of the current law but a completely new piece of legislation. The new bill abolishes all preferential treatment previously granted to management-employee buyouts and also the sale of preferential shares to employees.
The use of the "negotiations with potential buyer" procedure will be discontinued since there are suspicions it was being used to conclude shady deals. "The new bill will make the privatization methods more transparent," Vassilev said.
The contracts with international consultants on the privatization of Bulgartabac and the Bulgarian Telecommunications Company will be signed within days. "Bulgartabac has so far attracted four candidate buyers and BTC is expected to attract more than one," Vassilev announced.
JP Morgan vice-president Sherenik Davda said serious investor interest had been registered in the privatization of Bulgartabac and the Bulgarian Telecommunication Company. The bank offered to help with the privatization of the two companies as a consultant to potential buyers.
Apostolov briefed the businessmen on what had been accomplished in privatization and the forthcoming amendments to the Privatization Act and new procedures. The aim is to increase the share of cash privatization, curtail the privileges of management-employee buyouts and sell-offs for compensatory vouchers. Privatization through negotiations will not be employed. Big companies will be sold through competitive bidding.
The privatization procedure for the State Insurance Institute (DZI) may be closed within two weeks unless an agreement is reached on the terms of the contract with the present candidate, a consortium of TBI Holding and DZI 2000, Apostolov announced in a press conference last Thursday.
The new privatization law has been drafted and it will put up for sale all of the 1,780 companies in the country wherein the state holds a participating interest, except for a few companies short listed by the Council of Ministers.
Economy Minister Nikolai Vassilev said in a Bulgarian National Television interview on Friday evening that this was not a revamped version of the current law but a completely new piece of legislation. The new bill abolishes all preferential treatment previously granted to management-employee buyouts and also the sale of preferential shares to employees.
The use of the "negotiations with potential buyer" procedure will be discontinued since there are suspicions it was being used to conclude shady deals. "The new bill will make the privatization methods more transparent," Vassilev said.
The contracts with international consultants on the privatization of Bulgartabac and the Bulgarian Telecommunications Company will be signed within days. "Bulgartabac has so far attracted four candidate buyers and BTC is expected to attract more than one," Vassilev announced.
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Appointments
British Council
Lyubov Kostova was appointed country manager of British Council Bulgaria effective January 1, replacing Tony Buckby, who left in October 2011 to take a similar position at British Council Greece. Kostova has been with British Council Bulgaria for 11 years, as public communications manager and, since 2008, as the head of project and partnerships department. Prior to joining the British Council, Kostova was head of international activities at the National Academy for Theatre and Cinema Arts (NATFIZ). She has a degree in Indian studies from Kliment Ohridski Sofia University.
CEZ
Stefan Apostolov is the new chief executive of CEZ Razpredelenie Bulgaria, the power transmission subsidiary of Czech energy company CEZ in the country. He replaces interim chief executive Ales Damm, who remains the chairperson of the CEZ Razpredelenie management board. Apostolov has 30 years of experience in the energy sector, joining CEZ in 2007 as director of customer service and was later appointed as head of business development. Apostolov has a master's degree in electric systems from the Belorussian National Technical University in Minsc, management diplomas from Open University London and New Bulgarian University, as well as a master's degree in business administration from Plovdiv University.
BASF Bulgaria
Valentina Dikanska is the new general manager of chemical industry giant BASF subsidiary in Bulgaria, taking over from Herbert Fisch, BASF vice president for Southeastern Europe. Dikanska, who started her career as an expert in the Finance Ministry, joined BASF Bulgaria as director of finance and administration in 2002. She becomes the first Bulgarian to hold the top management position in the company in its 40-year history on the Bulgarian market. Dikanska holds a master's degree in economics from the University for National and World Economy in Sofia.
Rompetrol Bulgaria
Alexander Albin has been appointed chief executive of fuel distributor Rompetrol Bulgaria, replacing Nichita Sorin, who left to become chief executive of Rompetrol Gaz in Romania. Albin was previously chief executive of Rompetrol Georgia. He has more than 15 years of experience in the oil and gas industry; prior to joining Romania's oil group Rompetrol in 2008 as an adviser, he oversaw operations at Atyrau refinery in Kazakhstan, owned by Rompetrol's parent company KazMunaiGaz. He previously held top management positions at two other leading Kazakh oil and gas companies.
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