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Boyana Filmcenter Deal Expected to be Finalized in January

Date: 31.12.2005

The deal for the privatization of Bulgaria's film studio Boyana will be finalized after New Year when it is expected to be approved by the Privatization Agency, local 24 Hours daily reported.

The negotiated sale of the national film center to US company Nu Image has sparkled the opposition of Bulgarian movie-makers and the resignation of Boyana Film's Board of Directors. US movie company Nu Image signed a deal for the acquisition of 95% stake in the state film center Boyana Film EAD for EUR 6. 26 M in August.

Bulgarian filmmakers have slammed the privatization procedure as faulty and not transparent, especially tailored to fit the profile of one particular bidder.

In the beginning of December US movie maker Nu Image, the approved bidder for the privatisation of the Bulgarian film centre "Boyana" agreed to preserve the activity and the terrain of the film centre intact over the next 20 years.

Nu Image was one of the three final bidders for Boyana Film Center. It pitched the highest bid, a total of EUR 6.250 M (BGN 12.2 M) and vowed first-year investments of EUR 11.4 M out of the whole of EUR 15.6 M in investment plans. Compensation instruments are to be paid for 30% of the shares.

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