Ruling on Bulgaria's Tobacco Monopoly Will Be Appealed

Business | November 7, 2002, Thursday // 00:00| Views: | Comments: 0
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The Privatization Agency will appeal the decision of the Supreme Administrative Court regarding the privatisation of Bulgaria's tobacco monopoly Bulgartabac Holding. The supervisory and executive councils of the agency had a joint meeting Thursday to decide how to act regarding the privatization procedure. The motives will be announced at a news conference on Friday. At the end of October the Supreme Administrative Court overruled the decision of the Privatisation Agency, with which the consortium of Tobacco Capital Partners and Clar Inns was named winning bidder for an eighty percent stake in Bulgartabac Holding. According to the court the agency had to ask for one-off improvement of the bids. The government is categorical that it has to be proceeded as fast as possible with the privatization of Bulgartabac Holding and that is why there are no chances that the entire procedure is cancelled, a spokeswoman of the agency said earlier this week. It is crucial for Bulgaria that it wraps up this landmark deal till the end of the year. The delay in the deal could result in many negative repercussions like for example putting off the World Bank's PAL, which is conditioned on the completion of key privatization deals. The delay would also be a bad signal to investors.
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