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Bulgarian Bidder Picked for Flag Carrier Buyer

Date: 23.10.2006

Bulgaria's sale body has ranked first the bid of local Balkan Hemus group for the privatisation of air carrier Bulgaria Air, it emerged on Friday.

Italians Air One came in second.

The Privatisation Agency will submit a report to the government, which will have the final say on who the buyer will be.

The Bulgaria-based company offered to buy the flag carrier for BGN 13 M (about EUR 6.6 M), and vowed to further invest some EUR 82.1 M in it, increasing work places from the current 522 to 1,062 by the end of the fifth year after the sale.

Air One, bidding through their Bulgarian branch Air One Bulgaria, have offered a price of EUR 5.3 M, additional investments of EUR 11.6 M and 629 work places in five years' time.

If Balkan Hemus Group wins the bidding Hemus Air and Bulgaria Air may actually merge in one company, CEO Dimitar Pavlov said.

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