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Bulgaria military repair factories to be sold

Date: 28.03.2008

The Bulgarian company Terem owning the country's factories for repairing military vehicles and equipment will is going to sell parts of them to strategic investors.

The eight military factories are divided in two groups. The first group includes Terem Flotski Arsenal - Varna, Terem Georgi Benkovski - Plovdiv, Terem Khan Krum - Targovishte, and Terem Ivailo - Veliko Turnovo. These factories are considered strategic for Bulgaria's national security, and 66% of each of these is to be offered for sale.

The second group includes Terem Letetz - Sofia, Terem Ovech - Provadia, Terem Gen. Vladimir Zaimov - Bozhurishte, and Terem Tsar Samuil - Kostentz. 74% of each of these will be offered for sale.

The sale procedures for the eight factories will take place in two rounds - selecting those meeting the requirements, and the actual consideration of the tenders.

All candidates to purchase parts of the Bulgaria military repair factories must be Bulgarian or foreign persons registered as traders, and to operate in a country, which is a member of NATO or of the European Economic Area. They need to be financially stable. No offshore companies would be allowed to make bids.

According to the strategy for the restructuring of Terem, if no investors are interested in the offered shares of the eight factories, other forms of restructuring will be explored including the founding of companies with mixed participation between Terem and an approved partner, mergers, or the sale of certain assets.

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