Terem is announced for saleArticle published from Banker on 2008-04-04 02:10:00
Category: Business in Bulgaria
The long-awaited procedure for the sale of the TEREM plants has finally begun. The sales announcement was published on March 25. State-owned stakes in companies included in the military equipment producing and repairing holding will be offered for sale. The state will keep up to 30% of its shares. Financiers with epaulettes calculated that revenues may go up to BGN 200MN. The TEREM privatisation strategy was developed in the middle of 2007 by a consortium between KPMG - Bulgaria and the Arsov, Nachev, Ganeva legal office. The Council of Ministers approved it last December.
The plants were divided in two blocks of four enterprises. The first of them are defined as strategic and up to 66% of their capital will be offered for sale. This group includes: TEREM-KRZ Naval Arsenal Varna, TEREM Georgi Benkovski - Plovdiv, TEREM Khan Kroum - Targovishte, and TEREM Ivaylo - Veliko Turnovo. Strategic investors will be sought for them to guarantee that these companies will keep supplying products not only for the market but also for the needs of the Bulgarian army. Sellers hope to attract the big multinational companies operating in the military branch who will be able to keep the product list as well as expand it and open new markets for it....