Mr. Karanikolov, you sold “Bulgartabac”. Is this the greatest achievement of the agency in 2011 and what else did you do?
Most important, we created a team in the agency between executive board, supervisory board and administration that works. Concerning transactions, of course that one for “Bulgartabac” was the most closely watched and attention to it was the greatest. Most important in it was that we reached political agreement and succeeded to realize it. Last year we completed several other privatization procedures. One is for the minority share of the state in EVN, minority package of capital in “Arsenal”, 100% in “Industrial construction-holding”.
Our main goal was especially when we sell whole companies as in “Bulgartabac” and “Industrial construction” to be sold to investors whose strategic objective is to preserve and develop the enterprise rather than liquidate business or close the company.
What couldn’t you do because the planned budget revenues were not 100% fulfilled?
Last year we failed to privatize minority packages of CEZ and E.ON as well as “Technoexportstroy”. Each energy company has its own management with a different vision for development. Especially with E. ON you know that in the process of preparation for listing of the minority package it turned out that we have a change in the majority owner. That had to reflect in the prospectus which the investment mediator prepares and presents to the Financial Supervision Commission and thus the delay actually came.
“Technoexportstroy” however came later than the prohibitive list in March 2011 due to which we were late. We could start the procedure at the end of 2011 but we decided that at the eve of Christmas and New Year’s holidays would not be appropriate for such initiative as potential investors would hardly have been so active. We are almost ready with CEZ. We are concluding with the setting of documents and maybe this will be the first transaction which we will announce this year.