Sole Bidder for Bulgaria's Ailing Military Plant to File Binding Offer

The sole bidder in the privatization of military plant VMZ Sopot is to submit a binding offer with the Privatization and Post-Privatization Control Agency on Friday.

EMKO EOOD's bid will be presented on January 15 at the Ministry of Economy, Energy and Tourism, according to reports of the Bulgarian National Television (BNT).

Within 3 days from January 15, Economy and Energy Minister Delyan Dobrev will submit the bid for discussion at the Council of Ministers and the decision on the sale of the plant is to be made by January 23.

The privatization memorandum for Bulgaria's largest military plant does not envisage reductions of workers' salaries or staff cuts.

At the beginning of the week, workers at VMZ Sopot said they would hold protests until Friday and would wait to see the result of the sale.

The state-owned arms maker owes salaries of nearly BGN 2 M to its workers.

Apart from their discontent over delayed salaries, employees of VMZ Sopot also demand guarantees that the plant will have orders to work on.