29 January 1998: A privatisation contract for the sale of 26.4% of Diamant, a manufacturer of porcelain and glassware in the town of Razgrad, Bulgaria was recently signed between the Privatisation Age…
29 January 1998: A privatisation contract for the sale of 26.4% of Diamant, a manufacturer of porcelain and glassware in the town of Razgrad, Bulgaria was recently signed between the Privatisation Agency“s Executive Director Alexander Sabotinov and the Executive Director of Diamant-Prima, Emil Gyurov, a press release said. Diamant-Prima, registered by a team of Diamant employees, bought 210,840 shares of Diamant for 3,000 levs each or a total of 632 million levs. Under the contract, the buyer will pay 10% of the price in cash within 30 days of the signing of the contract and the remainder, 569 million levs, in four annual instalments within five years with a one-year grace period. 30% of these will be paid in cash and the other 70% in long-term government securities. The government is planning to sell another 6.6% of the company to employees at preferential terms and 67% in mass privatisation. The majority of Diamant“s products is exported.