Bulgaria Nixes Contract with Czech Consultant for Bourse Sale
Bulgaria has suspected the contract with Czech company Patria Corporate Finance after decided to abandon the privatization of the bourse.
Bulgaria's sale agency picked at the beginning of December Czech company Patria Corporate Finance to act as consultant as the country was looking for an investor for its only stock exchange.
The company, which is part of the Belgian group KBC, was preferred to Deloitte Bulgaria and Bulbrokers Consulting.
For sale was the government's stakes of just above 50% in the Bulgarian bourse and in the Central Depository, which clears and settles trades and also acts as a register of securities.
The selected company was assigned to prepare marketing, legal and financial analysis of both companies, evaluate them and write information memoranda.
The consultant had one month to perform its tasks, which means that the preparation of the transaction has already been completed.
Bulgaria's Finance Ministry, which holds a 50.0542% stake, suspended the sale procedure at the end of February in the wake of the shocking resignation of the former government, headed by Boyko Borisov, the bourse announced on Thursday.
- » Moody's: The Bulgarian Banking Sector is Improving
- » Greece Returned to the Financial Markets after 3 Year Pause
- » Bulgaria Seized More Than 600,000 Fake Goods at Its Borders for 2016
- » Monthly Inflation of -0.5 in June 2017
- » Bulgaria's Current Account Surplus Drops to 0.2% in 1st 5 Months of 2017
- » Germany Won More than EUR 1 Billion from the Greek Crises