Three bids were placed with the Privatisation Agency (PA) for the Bearings Plant, which is a self-detached part of the MIC company VMZ-Sopot of the eponymous Bulgarian town. The offers of the Swedish SKF, and the Bulgarian BSK - Kentavar and ORS Bulgaria, owned by Turkish bearings manufacturer ORS, were opened, Levon Hampartzumian, PA`s CEO said. The bids will be arrayed in a week`s time. The Bearings Plant will be sold for cash which is to be utilised by VMZ. The company`s debts in January to September 2000 came to Bulgarian levs (BGN) 84.2 million and the losses incurred over the same period were BGN 30 million. The plant`s debts to the national budget are about BGN 46.2 million, interests included. VMZ also has BGN 2.9 million worth of debts under the Non-performing Credits Act and a BGN 7.2-million debt to Japan`s Nichimen Corporation. Bulgarian Cabinet approved the strategy for the privatisation of the VMZ-Sopot machine-engineering works (dual purpose goods manufacturer) last January. The strategy envisages that the state retains a golden share in the company after the sale, giving it control over the other shareholders in making crucial management decisions.

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