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Business | August 18, 2003, Monday // 00:00
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Viva Ventures, one of the bidders for Bulgaria's telecom operator BTC, approached the Supreme Administrative Court and appealed the latest decision of the Supervisory Council of the Privatization Agency in a bid to prove tacit agreement with the deal for 65% stake in the Bulgarian telecom operator BTC.
In a statement circulated to the media Viva Ventures underlines that after the company has agreed to meet unconditionally all conditions set by the Cabinet, its representatives has ratified the documents featuring the improvements in the deal for BTC. Viva Ventures argues however that following the decision of the Supervisory Board to return the deal to the Executive Board, tacit agreement of the deal is at hand.
Earlier on Monday it emerged that the privatization contract with Vienna-based Viva Ventures and the accompanying documents have already been ratified by the state institutions and the buyer.
There are no problems for them to be submitted to the Supervisory Board in the coming days, spokeswoman of the privatization agency Anna Ruscheva said Monday.
The adjoining documents have been ratified, despite a court ruling, which defines them as an inseparable part of the privatization contract.
The supervisors will have to be ready with their verdict on the deal fifteen days later.
Ruscheva specified that the prelim EUR 210 M sale contract, inked in March 2003 with one of the two bidders for 65% stake in Bulgaria's telecom operator, has not been withdrawn, since no text changes were to be made. The figures in the draft contract will be revised for the new review of the supervisors.
On Friday the supervisors 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 after an emergency meeting, where a final decision was expected to be taken.
The chief of the supervisors Petko Nikolov explained that a new document must be submitted to reflect the improvements in certain areas.
On August 8 the Cabinet recommended the PA Executive Board to withdraw from the Supervisory Council the March sale contract and seek improvements. 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.
In a statement circulated to the media Viva Ventures underlines that after the company has agreed to meet unconditionally all conditions set by the Cabinet, its representatives has ratified the documents featuring the improvements in the deal for BTC. Viva Ventures argues however that following the decision of the Supervisory Board to return the deal to the Executive Board, tacit agreement of the deal is at hand.
Earlier on Monday it emerged that the privatization contract with Vienna-based Viva Ventures and the accompanying documents have already been ratified by the state institutions and the buyer.
There are no problems for them to be submitted to the Supervisory Board in the coming days, spokeswoman of the privatization agency Anna Ruscheva said Monday.
The adjoining documents have been ratified, despite a court ruling, which defines them as an inseparable part of the privatization contract.
The supervisors will have to be ready with their verdict on the deal fifteen days later.
Ruscheva specified that the prelim EUR 210 M sale contract, inked in March 2003 with one of the two bidders for 65% stake in Bulgaria's telecom operator, has not been withdrawn, since no text changes were to be made. The figures in the draft contract will be revised for the new review of the supervisors.
On Friday the supervisors 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 after an emergency meeting, where a final decision was expected to be taken.
The chief of the supervisors Petko Nikolov explained that a new document must be submitted to reflect the improvements in certain areas.
On August 8 the Cabinet recommended the PA Executive Board to withdraw from the Supervisory Council the March sale contract and seek improvements. 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.
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