BULGARTABAC, STATE INSURANCE INSTITUTE TO BE PRIVATISED UNDER OLD ACT

Business | March 10, 2002, Sunday // 00:00

The privatization procedure of Bulgaria’s tobacco monopoly Bulgartabac Holding will start in two weeks under the currently acting Privatization Act, Apostol Apostolov, CEO of the Privatization Agency, said. According to him, next week the sell-off procedure of DZI (State Insurance Institute) will begin. The deal for the Bulgarian Telecommunication Company (BTC), however, will begin after the Parliament re-votes the new Privatization Act, Apostolov added. President Parvanov sent back to Parliament for further consideration the new act on privatization and post privatisation control, adopted on February 21, 2002. He sent the law back to parliament for further consideration, quoting lack of social aspects in the distribution of privatisation revenue and sufficient guarantees to investors taking part in privatisation as well as a removal of preferential treatment for management buyout teams.

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