SOFIA, Bulgaria - The Bulgarian government on Jan. 27 said it had agreed to a strategy for the full privatization of defense giant VMZ Sopot.
According to a statement, there will be a public tender of 100 percent of VMZ's capital, with potential buyers required to have previous experience in defense production and management.
Bulgaria's biggest defense firm and the last of the country's communist-era defense giants to have remained state-owned, VMZ Sopot produces a large range of missiles and artillery ammunition, as well as civil-use machinery and household appliances.They must also present a three-year business plan for the firm's development under the sale proposal, which still has to be approved by parliament.
A lack of strategic investors in previous defense company tenders has led other state-owned firms to morph into joint-stock companies, owned primarily by their managers and staff.read more
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