SOFIA (Bulgaria), March 30 (SeeNews) – The Bulgarian competition regulator said on Monday it has launched a preliminary probe prompted by media reports that a newly-registered foreign company, LIC33, is acquiring stakes in companies operating in various sectors of the economy.
Last week LIC33, which describes itself as a group of companies bringing together European Union investors, said it has acquired for 1 euro the stakes held by controversial local businessman Tsvetan Vasilev in telco BTC, ammunition maker Dunarit, aircraft repair company Avionams, TV services providers NURTS and First Digital and audience research company Garb against a commitment to repay the companies' debts, estimated at 900 million euro ($977.7 million). The deal involved 43% of BTC, 91% of Dunarit and as much of Avionams, and 100% of NURTS, First Digital and Garb.
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The Commission for Protection of Competition (CPC) has requested from the companies involved in the deal, as well as from two others - broadcaster TV7 and hotel operator Sana Space Hotel Hisaria - to provide it with information regarding a possible change in ownership, the Commission for Protection of Competition (CPC) said in a statement.
The probe aims to determine the stage that the deal has reached. If it establishes that a transfer of stakes or self-contained businesses has been carried out without its being notified by the parties involved, the Commisison may impose fines of up to 10% of the defaulting companies' turnover, it added.
In a separate development, the CPC is conducting a check into BTC's plans to acquire full control over NURTS Bulgaria, it added
In February, the CPC referred to the European Commission a case for a possible concentration through the acquisition of control of Bulgarian telecommunications group BTC after being notified by local company TC-IME about a possible concentration through the acquisition of control over BTC following the transfer of stakes from Bromak Telekom Invest to Luxembourgh-based SHCO, about which TC-IME had not been informed though it holds the biggest stake in BTC.
($=0.9206 euro)