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Bulgaria Comes Up With New Strategy for Telecom's Sale

Business | September 7, 2003, Sunday // 00:00

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Bulgaria's Economy Ministry almost worked out a new strategy for the privatization of the country's telecom operator BTC, Economy Minister Lidiya Shuleva told the bTV on Sunday.

The fresh plan will be introduced to the Cabinet next week and its implementation will eventually start by the end of September, the minister explained.

Bulgaria's Supreme Administrative Court defended September 3 the tacit agreement rule in the decision of the Supervisory Council for the sale of a 65% stake in the BTC. A three-member panel of the court decided that by refusing to approve or reject the privatisation contract for the telecom by August 15, the Supervisory Council has given its tacit agreement for inking the deal.

The Privatisation Agency declined to reveal its next steps and is expected to issue a statement only after it receives officially the court decision.

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