Only AT Engineering 2000 LTD continues to participate in the public tender to acquire 6 million shares (100% ownership) of Montages EAD, Sofia, the unofficial information said. Only this company filed for eligibility, which means it covered the preliminary qualification conditions. This opens the way for the firm to obtain a certificate of registration, and then buy the information memorandum. The next step is to submit a binding offer for the construction company. AT Engineering 2000 can do so by December 27.
Documents for participation were bought also by Vodstroj 98 AD – Sofia, and Enemona AD – Kozloduy. The competition was only opened for strategic investors who are involved in construction and engineering or design and implementation of engineering facilities.
AT Engineering 2000 is owned by Ilian Terziev and Georgi Penev, who hold respectively 66.67 and 33.33% of its capital. The company specializes in research in complex design and build turnkey industrial, administrative and residential buildings as well as infrastructure projects. Only AT Engineering 2000 submitted a binding bid and won (as the single candidate) the contract for sale of the state’s largest construction company in the country – Technoexportstroy.
The minimum price in the third attempt to sell the company had not been determined. The state tried to denationalize it on the stock exchange with a starting price of 70 million levs for the whole lot of shares. In the next attempt, it was reduced to 60 million levs, but even then no candidates showed up. Montages is part of State Consolidation Company and thus the proceeds from its privatization will go into the budget, not to the Silver Fund.
Montages operates primarily in the construction of industrial and energy facilities and its balance sheet contains works on objects in TPP Maritza East 1 and 2 in the Steel Industry, in Cumerio Med in Pirdop and others. The Company has performed electrical installation work on the subway in Sofia and has worked in the sports hall Arena Armeec in the capital. There are 12 branches in the country and a representation in Moscow.
The financial results of the Montages worsened in the past three years. The company ended 2011 with a small gain of 5,000 levs against 331,000 a year earlier, and 534,000 for 2009. Revenues went down to 9.415 million levs, from 10,102 million in 2010 and 20,006 million in 2009.
The BANKER
