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No Final Decision on Bulgaria's Telco Deal
Business | August 15, 2003, Friday // 00:00
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The Supervisory Council of Bulgaria's Privatisation Agency returned the deal for the sale of 65% stake in Bulgaria's dominant landline telecom operator the Bulgarian Telecommunications Company BTC to the Executive Board of the sale body.
Petko Nikolov, chairman of the supervisors, announced that on August 15 after a seven-hour emergency meeting where the Supervisory Council of Bulgaria's sale body was expected to take a final decision on BTC deal.
In the words of Nikolov the move does not break off the procedure.
Viva Ventures, which was first selected a preferred buyer, has not presented a declaration, as required by the Privatisation Act, Nikolov explained. The supervisors also demanded that the Executive Board initiate negotiations and ratify a new sale contract with Viva Ventures, featuring new parameters.
On August 8 the Cabinet recommended the PA Executive Board to withdraw from the Supervisory Council the March sale contract and seek improvements.
The draft contract has never been withdrawn from the board files, Nikolov said. He specified that the supervisors have reviewed the old contract, which has been submitted under the conditions of the previous procedure.
The supervisors' response period, as ruled by the Supreme Administrative Court, expired August 15.
Hopes that the deal will soon be completed were raised on Wednesday as Vienna-based Viva Ventures announced it had agreed to meet the conditions of Bulgaria's Cabinet for the acquisition of the operator.
Viva Ventures agreed to upgrade the offer to EUR 280 M. This includes direct increase of the shares' price and the value of the dividend which the state has already collected and which Viva Ventures now decides to give up. The bidder also agreed to cut by 2,000 the number of planned lay-offs and speed-up the investment program over the first three years.
Under a preliminary deal Advent signed with the Privatisation Agency in March 2003 the bidder pledged to buy 65% of BTC for EUR 210 M, raising its bid from EUR 200 M. It also pledged to invest a further EUR 400 M in the operator with most of the spending scheduled for the 4th and 5th year after the sale. The bidder planned to reduce the BTC staff to 18,300 from some 24,800 over a four-year period.
At the end of July a five-member panel of Bulgaria's Supreme Administrative Court (SAC) restored Vienna-registered consortium Viva Ventures, rejected by the Privatisation Agency supervisory board, back to the competition for Bulgaria's telecom.
On Thursday the all-Turkish consortium Koc Holding/Turk Telecom threatened legal action over the "flawed procedure," which allowed the rival bidder to improve its offer.
Petko Nikolov, chairman of the supervisors, announced that on August 15 after a seven-hour emergency meeting where the Supervisory Council of Bulgaria's sale body was expected to take a final decision on BTC deal.
In the words of Nikolov the move does not break off the procedure.
Viva Ventures, which was first selected a preferred buyer, has not presented a declaration, as required by the Privatisation Act, Nikolov explained. The supervisors also demanded that the Executive Board initiate negotiations and ratify a new sale contract with Viva Ventures, featuring new parameters.
On August 8 the Cabinet recommended the PA Executive Board to withdraw from the Supervisory Council the March sale contract and seek improvements.
The draft contract has never been withdrawn from the board files, Nikolov said. He specified that the supervisors have reviewed the old contract, which has been submitted under the conditions of the previous procedure.
The supervisors' response period, as ruled by the Supreme Administrative Court, expired August 15.
Hopes that the deal will soon be completed were raised on Wednesday as Vienna-based Viva Ventures announced it had agreed to meet the conditions of Bulgaria's Cabinet for the acquisition of the operator.
Viva Ventures agreed to upgrade the offer to EUR 280 M. This includes direct increase of the shares' price and the value of the dividend which the state has already collected and which Viva Ventures now decides to give up. The bidder also agreed to cut by 2,000 the number of planned lay-offs and speed-up the investment program over the first three years.
Under a preliminary deal Advent signed with the Privatisation Agency in March 2003 the bidder pledged to buy 65% of BTC for EUR 210 M, raising its bid from EUR 200 M. It also pledged to invest a further EUR 400 M in the operator with most of the spending scheduled for the 4th and 5th year after the sale. The bidder planned to reduce the BTC staff to 18,300 from some 24,800 over a four-year period.
At the end of July a five-member panel of Bulgaria's Supreme Administrative Court (SAC) restored Vienna-registered consortium Viva Ventures, rejected by the Privatisation Agency supervisory board, back to the competition for Bulgaria's telecom.
On Thursday the all-Turkish consortium Koc Holding/Turk Telecom threatened legal action over the "flawed procedure," which allowed the rival bidder to improve its offer.
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