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Bulgaria Seeks to Cash Telecom Dividend before Sale
Business | March 24, 2003, Monday // 00:00
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The state will do its best to cash its dividend share of the 2002 profit of the Bulgarian Telecommunications Company before the acquisition by Viva Ventures, Telecommunications Minister Plamen Petrov said.
He explained that if that did not happen the state would get a meagre 35 percent, instead of 50 percent pre-deal payout.
Vienna-based Viva Ventures and the Privatization Agency signed the contract for a 65-percent stake in the Bulgarian Telecommunications Company Friday, March 21st.
Viva Ventures Holding GmbH was selected preferred buyer end-October, 2002. The holding was registered by British-based equity house Advent International especially for the purposes of BTC privatisation.
As negotiated the buyer will pay EUR 210 M for a 65-percent stake in the Bulgarian telecom, EUR 10 M more than previously negotiated. Over the next five year, Viva Ventures will invest EUR 700 M.
Viva Ventures agreed to reduce by one fourth the number of the lay offs to 6,500 over the next four years.
To finalize the deal, the Supervisory Board of the Privatization Agency has to approve the privatisation contract.
He explained that if that did not happen the state would get a meagre 35 percent, instead of 50 percent pre-deal payout.
Vienna-based Viva Ventures and the Privatization Agency signed the contract for a 65-percent stake in the Bulgarian Telecommunications Company Friday, March 21st.
Viva Ventures Holding GmbH was selected preferred buyer end-October, 2002. The holding was registered by British-based equity house Advent International especially for the purposes of BTC privatisation.
As negotiated the buyer will pay EUR 210 M for a 65-percent stake in the Bulgarian telecom, EUR 10 M more than previously negotiated. Over the next five year, Viva Ventures will invest EUR 700 M.
Viva Ventures agreed to reduce by one fourth the number of the lay offs to 6,500 over the next four years.
To finalize the deal, the Supervisory Board of the Privatization Agency has to approve the privatisation contract.
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