Bulgaria's Privatization Agency Launches 2nd Attempt to Sell Arms Manufacturer

Business | May 15, 2013, Wednesday // 14:49
Bulgaria: Bulgaria's Privatization Agency Launches 2nd Attempt to Sell Arms Manufacturer The previous attempt to sell VMZ Sopot collapsed after the sole bidder failed to submit a deposit together with the binding offer. Photo by BGNES

Bulgaria's Agency for Privatization and Post-Privatization Control (PPCA) has launched a new procedure for the sale of 100% of the capital of the country's largest arms factory, VMZ Sopot.

The previous attempt to sell VMZ Sopot collapsed after the sole bidder failed to submit a deposit together with the binding offer.

Tender documentation can be bought by the 40th day of the promulgation of the decision in the State Gazette.

The information memorandum will be presented to candidates who have bought the tender documentation, signed a confidentiality declaration, and meet the preliminary qualification criteria.

Companies interested in purchasing the weapons factory's 118 M shares, constituting 100% of the enterprise's capital, must be strategic investors or consotriums working in the field of defense.

Among the requirements are: revenue of at least BGN 60 M for the last 3 years (for strategic investors) and certification to work with "secret"-level classified information (all applicants).

Binding offers are to be submitted before 3 pm on the 185th day after publication in Bulgaria's State Gazette, and the participation deposit is BGN 1 M.

Financially troubled arms factory VMZ Sopot has stirred significant social problems in early 2013, when workers went on strike after their wages were not paid for months.

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Tags: VMZ Sopot, arms factory, military plant, Privatization and post-Privatization Control Agency, privatization
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