Bulgaria to Put Out Arms Companies for Privatization

Politics » DEFENSE | April 8, 2016, Friday // 08:45
Bulgaria: Bulgaria to Put Out Arms Companies for Privatization

Two state-owned weapons companies, a manufacturer and an exporter, are to be put out for privatization over the next few years, Bulgaria's draft midterm budget forecast reads.

VMZ-Sopot, which produces equipment, is to be offered in 2018, and defense equipment exporter Kintex comes next in 2019, according to a version of the forecast which has been offered to the general public for a debate.

Funding generated from the forthcoming deals will be set aside for the acquisition of new multirole fighter aircraft, according to the Finance Ministry.

VMZ Sopot has been ridden in financial problems over the past years, with workers facing layoffs and delayed payment. There have been several attemts at launching a procedure to sell the company.

Kintex's name emerged again last week following an inspection conducted by security and counter-intelligence agency DANS over specific deals done by the company.

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Tags: VMZ Sopot, Kintex, privatization
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