Tobacco Capital Partners (TCP) has not withdrawn its deposit, Deputy Prime Minister and Economy Minister Nikolay Vassilev said January 28. The minister presented to the Economic Parliamentary Commission the draft amendments to the Privatisation Act, which Cabinet approved on January 23.

In the opinion of Minister Vassilev the fact that TCP was not asked to extend its bid is just a "technical issue".

In case the amendments are approved Bulgartabac sale will be in compliance with the new act, Minister Vassilev pointed out.

On January 15 Bulgaria's Privatisation Agency asked only two of the bidders for Bulgartabac, Russia's consortium Rosbulgartabac and Austria's Tobacco Holding GmbH, to confirm the validity of their bids for an 80% stake in Bulgaria's tobacco giant. The third candidate, Tobacco Capital Partners, was not mentioned in the statement, which prompted talks it might have been disqualified.

In mid -December the Supreme Administrative Court upheld the cancellation of a deal to sell Bulgartabac to Tobacco Capital Partners (TCP).

The Economic Parliamentary Commission adopted at first reading the draft amendments to the Privatisation Act, which Cabinet approved on January 23.

Under the amendments the privatisation of the Bulgarian Telecommunications Company (BTC), Bulgartabac Holding and another ten big companies will be through public biddings.

The successful bidder will be named by the Cabinet and then approved by Parliament. Seven electricity distribution companies, arms traders Kintex and Teraton and the military works of Sopot are among the other companies to which the adopted procedure will apply.

The opposition voted against the amendments and announced it would approach the Constitutional Court.

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