Bulgarian Posts to Put Up Minority Stake for Sale

Bulgaria’s postal service state-owned company “Bulgarian Posts EAD” will be taken off the list of companies, whose privatization is banned, under amendments, adopted by the economic committee in parliament. The amendments were prompted by an EU directive, providing for the full liberalization of postal markets in Member States by the end of 2012.

“The amendments do not necessarily mean the sale of the company. Our idea is to seek a buyer only for its minority stake, which will allow the state to retain its control,” explained members from GERB.

The move comes about half a year after Bulgaria’s parliament approved amendments, which demonopolized the postal services market. Thus, as of January 1, 2011, the monopoly of Bulgarian Posts on small parcels – less than 50grams – was eliminated.

Postal Services would remain the main operator for the entire country for the next 15 years and would be subsidized by the State budget when they incur “unjust financial burdens.”

Source: Novite