The Bulgarian Ministry of Energy announced on May 27, 2004 that the privatization of the electricity distribution utilities enters its final stage as the final revised transaction documents have been delivered to the bidders. June 25, 2004 is the deadline fixed by the Privatization Agency for submission of final binding offers for the privatization of the electricity utilities pooled into three packages – Western Bulgaria, Southeast Bulgaria and Northeast Bulgaria. The offers will be ranked only according to the price offered.
The Ministry of Energy also reported that in implementation of a memorandum of understanding with the trade unions the privatization agreements provide for protective social measures related to the labor relations in the utilities after the privatization. These protective clauses cannot be negotiated with the investors.
Borislav Boyanov & Co. is a part of an international consortium led by BNP Paribas which advises the Bulgarian Government on the privatization of the electricity distribution utilities.