Preparation for Cigarette Maker Slantse's Sell-Off Starts

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Preparation for Cigarette Maker Slantse's Sell-Off Starts

The preparation for the sell-off of Stara Zagora-based cigarette maker Slantse is already underway, Radoslav Bonev of Podkrepa labour union said, as cited by the BTA.

We are satisfied with the agreement between the representatives of the labor unions in Slantse Stara Zagora-Tabac and the managerial team of Bulgartabac Holding on the way in which the company will be privatized, Bonev said. Bulgartabac Holding will complete the preparation of the tender documentation by the end of this week and will draw up a memorandum for the sale of Slantse Stara Zagora – Tabac in a three month period.

Bulgartabac will launch the procedure for the sale of the company through the Bulgarian Stock Exchange (BSE). The consultants on the deal, which have already been selected, will set the minimum price of the shares of Slantse Starat Zagora-Tabac, Bonev added.

An agreement has also been reached for Slantse to be sold along with its license for cigarette production and tobacco processing and its assets. A total of 90% of the employees at the plant will be released by the end of April. They will receive 1.8 gross monthly salaries for each year spent at the plant, but no more than 36 salaries altogether.

The persons accountable for the assets will continue their work until the start of the tender procedure, in order for the integrity of the plant to be guaranteed, Bonev said.

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