STATE INSUARER PRIVATIZATION FINALIZED

Business | May 18, 2001, Friday // 00:00

The privatization deal for the state monopolist State Insurance Institute (SII) will be finalized most likely by the end of May. The only bidder for SII is a consortium between TBI Holdings and the SII 2000 MEBO. TBI is the majority owner of Bulstrad insurer and re-insurer. Both SII and Bulstrad have a 40 percent market share in Bulgarian insurance and re-insurance market. The state monopoly watch-dog gave permission for the finalization of the deal on May 10, 2001. The bid for 67 percent of SII is USD 20.5 million. No information is still available of the cash payment.

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