Sale Format of Bulgaria's Tobacco Heavyweight Decided Today

Business | May 20, 2003, Tuesday // 00:00

A final decision on the format of Bulgaria's tobacco heavyweight Bulgartabac is expected to be reached today at the meeting of ruling Simeon II National Movement and its junior coalition partner the Movement for Rights and Freedoms.

A day earlier Agriculture Minister Dikme declared confidence in Bulgaria's potential to finalize the sale of Bulgartabac. The comment came in the wake of the World Bank warning that the government may not get its hands on a USD 150 M tranche under the PAL-2 facility if Bulgartabac does not go under the hammer in 2003.

In the opinion of Minister Dikme the best option for the sale of Bulgartabac is splitting Bulgartabac Holding into divisions for cigarette production and tobacco purchase, which would make the company more attractive.

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