Only One Bidder for Borosport Remains.

24.03.2000

Only one candidate buyer, Borosport-Borovets management-and-employee company /MEC/, will be admitted to the second round of negotiations on the privatisation of 60% of the capital of Borosport. The competitor bidder Borovets Sport dropped out because it failed to present official documents certifying the actual transfer of the required second deposit on the accounts of the economy ministry. The requirement is connected with the payment of additional 10% of the price offered in the first round. The working commission has notified the turned-down candidate buyer that the USD 80,000 deposit paid for the first round will be withheld as a sanction for unfulfilled engagements undertaken during the first round. The commission on Borosport's sale will submit a report to the economy minister who will finally pronounce on the deal