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Bulgaria Govt Slashes Privatization Prices to Raise Revenue
by Sofia News Agency www.novinite.com
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Bulgaria’s government is reducing by up to 30% the privatization prices of several companies in a quest to raise badly-needed revenue.
The Bulgarian Privatization Agency has announced that it is selling on the stock exchange state shares in 40 companies.
Some of the companies in question are among the ones which might be included in a state consolidation company designed to raise revenue as an emergency measure by selling the government’s minority shares in several dozen firms. This measure was suggested Monday by the Finance Ministry.
Thus, the privatization prices of the state minority share in 12 of the 40 companies in question will be reduced by 30%. For example, the state is going to sell 46% of ”Transit Commercial Zone – Varna” for BGN 8,08 M. 19,45% of the capital of ”Duty-Free Zone – Burgas” will be on sale for BGN 3,3 M instead of 4,11%, a 20% reduction.
Through the sale of state-owned minority shares in these companies, the Bulgarian government is trying to raise additional revenue in order to reign in the possibility of going into a very large deficit which might endanger Bulgaria’s ERM II accession.
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