Bulgaria - Bulgartabac stays in the economy ministry, sold by middle of 2010, starting price 100,000,000 euro..

December 31, 2009 - Bulgaria's tobacco producers have asked for the transfer of Bulgartabac Holding from the economic to the agriculture ministry.

Meeting for the perspectives of tobacco producers was held Tuesday, December 22nd in the Council of Ministers. The meeting was attended by the finance minister Simeon Dyankov, economy minister Traycho Traykov, Minister of Agriculture and Foods Miroslav Daydenov, representatives of Bulgartabac Holding and tobacco producers. As a result the Bulgarian Ministry of Economy, Energy and Tourism remains principal of the tobacco holding Bulgartabac, said economy minister Traycho Traykov. The reason is the holding’s privatization. It is believed that the economy ministry will complete the task best. Bulgartabac will be privatized by the middle of 2010, says Traycho Traykov.

Traykov: The holding’s price will start from a nine-digit sum in euro. We are closer to EUR 100,000,000 (143,274,697.61 USD).

Earlier on Tuesday ministers met with Prime Minister Boyko Borisov to discuss the perspectives before tobacco production in Bulgaria. Borisov took into account all pros and cons, the minister said. I believe Bulgartabac should be privatized, because every day of delay makes the situation worse, he highlighted.

The major problem Bulgartabac faces is contraband, but the minister says the Interior Ministry and Finance Ministry will resolve it. (Bulgaria - one third of the tobacco products sold are illicit..)

Reference: Bulgartabac to be privatized by the middle of 2010 (ROUNDUP), Focus News Agency, 12/29/2009.

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