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Business | March 14, 2003, Friday // 00:00
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Agriculture Minister Mehmed Dikme urged in Parliament that the new Bulgartabac owner purchase Bulgarian tobacco and that tobacco imports to Bulgaria are stopped.
Bulgaria's Parliament approved the Cabinet's decision for naming Tobacco Capital Partners a winning bidder for 80% stake in Bulgaria's tobacco monopoly Bulgartabac March 13.
The price of the deal is EUR 110 M. The contract with the buyer is to be signed thirty days after the approval of the Parliament. It is obliged to cover all outstanding liabilities of the holding, which amount to EUR 38, 5 M. Investments over the next five years are set at EUR 71 M. The buyer has committed to keep unchanged headcount of 6000.
In the opinion of the minister Bulgaria offers conditions for the production of all sorts of tobacco.
Bulgaria exported USD 68 M of tobacco last year, which exceeds the produce over a period of several years, Minister Dikme pointed out.
A working group in Tobacco Fund has been working on a strategy for production of tobacco for 2003-2007 in view of Bulgaria's upcoming accession to the European Union.
Cabinet is to discuss the new strategy by the end of March.
Bulgaria's Parliament approved the Cabinet's decision for naming Tobacco Capital Partners a winning bidder for 80% stake in Bulgaria's tobacco monopoly Bulgartabac March 13.
The price of the deal is EUR 110 M. The contract with the buyer is to be signed thirty days after the approval of the Parliament. It is obliged to cover all outstanding liabilities of the holding, which amount to EUR 38, 5 M. Investments over the next five years are set at EUR 71 M. The buyer has committed to keep unchanged headcount of 6000.
In the opinion of the minister Bulgaria offers conditions for the production of all sorts of tobacco.
Bulgaria exported USD 68 M of tobacco last year, which exceeds the produce over a period of several years, Minister Dikme pointed out.
A working group in Tobacco Fund has been working on a strategy for production of tobacco for 2003-2007 in view of Bulgaria's upcoming accession to the European Union.
Cabinet is to discuss the new strategy by the end of March.
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