Bulgaria's Privatization Agency has announced Tuesday it is launching a new procedure for the privatization of the country's largest arms factory, VMZ Sopot.

Interested companies will be able to purchase documentation starting 20 days and ending 40 days after the promulgation of the tender in Bulgaria's State Gazette.

The documentation does not include an information memorandum for VMZ Sopot, which will be available to firms that have purchased the documentation and cover the stipulated requirements.

Companies interested in purchasing the weapons factory's 118 M shares, constituting 100% of the enterprise's capital, must be strategic investors or consotriums working in the field of defense.

Among the requirements are: revenue of at least BGN 60 M for the last 3 years (for strategic investors) and certification to work with "secret"-level classivied information (all applicants).

Binding offers are to be submitted before 3 pm on the 185th day after publication in Bulgaria's State Gazette, and the participation deposit is BGN 1 M.

Financially troubled arms factory VMZ Sopot has stirred significant social problems in early 2013, when workers went on strike after their wages were not paid for months.

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