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Thu, Feb 09 2012
BTC to be private by May 2002
Deutsche Bank and the Privatization Agency (PA) have signed an advisory contract for the privatization of the Bulgarian Telecommunications Company (BTC).
The bank will again be the government's consultant for the deal, after the first attempt to sell BTC to the only candidate, Greek-Dutch consortium OTE-KPN, failed in August 2000. Then Prime Minister Ivan Kostov said the consultant had not performed its task well.
Under the contract signed last Thursday, the bank promises to sell the state telecom in the next six to seven months. The term of the previous agreement was 18 months.
Details of the contract were not disclosed, but according to preliminary information, Deutsche Bank will receive about $3.1 million as a success fee and a share of the privatization price, if this price exceeds a specified sum.
The licence for a third GSM operator will most likely be part of the BTC privatization deal. Transport and Telecommunications Minister Plamen Petrov has said that combining the sale of a GSM licence with the fixed-line operator could tip the scales towards buying the telecom if an investor is undecided.
In October, Petrov said that the government would seek a quick procedure for finding an investor. The privatization of the state telecom by the end of 2002 was among the priorities in the government's program.
Greek OTE, owner of the second Bulgarian GSM operator, GloBul, is so far the only candidate that has officially announced its interest in purchasing the majority share of the Bulgarian state telecom.
In July, Vladimir Karolev, an MP from the National Movement Simeon II (NMSII), said that the Hungarian telecommunications company Matav, whose majority shareholder is Deutsche Telekom, has shown interest in the BTC privatization tender.
Elek Strawb, executive director of the Hungarian telecom, said in an interview for the Interfax news agency that Matav has not officially declared an interest in buying BTC.
"We can talk about serious interest from investors when a financial offer and a bank guarantee is presented," Nikolai Nikolov, deputy minister of transport and telecommunications, told a press conference on Wednesday.
"So far, we have received no financial offer because the conditions are not specified," he added, explaining that by the end of the year, Deutsche Bank should be ready with the privatization strategy.
The bank will again be the government's consultant for the deal, after the first attempt to sell BTC to the only candidate, Greek-Dutch consortium OTE-KPN, failed in August 2000. Then Prime Minister Ivan Kostov said the consultant had not performed its task well.
Under the contract signed last Thursday, the bank promises to sell the state telecom in the next six to seven months. The term of the previous agreement was 18 months.
Details of the contract were not disclosed, but according to preliminary information, Deutsche Bank will receive about $3.1 million as a success fee and a share of the privatization price, if this price exceeds a specified sum.
The licence for a third GSM operator will most likely be part of the BTC privatization deal. Transport and Telecommunications Minister Plamen Petrov has said that combining the sale of a GSM licence with the fixed-line operator could tip the scales towards buying the telecom if an investor is undecided.
In October, Petrov said that the government would seek a quick procedure for finding an investor. The privatization of the state telecom by the end of 2002 was among the priorities in the government's program.
Greek OTE, owner of the second Bulgarian GSM operator, GloBul, is so far the only candidate that has officially announced its interest in purchasing the majority share of the Bulgarian state telecom.
In July, Vladimir Karolev, an MP from the National Movement Simeon II (NMSII), said that the Hungarian telecommunications company Matav, whose majority shareholder is Deutsche Telekom, has shown interest in the BTC privatization tender.
Elek Strawb, executive director of the Hungarian telecom, said in an interview for the Interfax news agency that Matav has not officially declared an interest in buying BTC.
"We can talk about serious interest from investors when a financial offer and a bank guarantee is presented," Nikolai Nikolov, deputy minister of transport and telecommunications, told a press conference on Wednesday.
"So far, we have received no financial offer because the conditions are not specified," he added, explaining that by the end of the year, Deutsche Bank should be ready with the privatization strategy.
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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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