The Bulgarian government is to sell its minority holding in Bulgarian Telecommunication Company (BTC) on the Bulgarian Stock Exchange (BSE) some time in 2005.
A spokesman for Bank Austria Creditanstalt says the sale will be performed through a special public tender, where the government’s BTC shares can only be acquired in exchange for notes issued to compensate Bulgarians for property seized during the communist era (compensatory vouchers).
The Bulgarian government 65 per cent of BTC to the US private equity fund Advent earlier this year for Euros 230 million, and pledged to put another 20 percent for sale on the Exchange. Yesterday’s announcement raised that amount to 35%.
“The privatisation and future trading of BTC will increase the turnover and liquidity of BSE as this is one of the most attractive Bulgarian companies,” says the BA-CA spokesman.