The representatives of the Bucharest Stock Exchange have not yet decided whether they are going to participate in the privatization of the Sofia Stock Exchange.
According to market sources, the BSE would be interested in buying stock in the Sofia Stock Exchange, but the latter is interested in more powerful investors.
On Tuesday, the BSE reported that it owns 5% of the shares of the newly created Kishinev Stock Exchange.
In last year's budget, the BSE had set aside 5 million Euros for buying shares in other stock exchanges.
Last week, the Bulgarian Finance Minister asked the Agency for the control of privatization to prepare and organize the privatization of the Sofia Stock Exchange and of the Central Depository.
The procedure involves the sale to a strategic investor of a stake of 50.042% of the shares of the Bulgarian Stock Exchange - Sofia AD and of 43.7% of the shares of the Central Depository. Furthermore, the Sofia Stock Exchange owns 6.61% of the shares of the Central Depository. As a result, the buyer will obtain stakes of more than 50% in both companies.
The agency for the control of privatization will begin by appointing a consultant with international experience and will then announce a public call for bids.
The requirements for the potential buyers are: an average monthly turnover of at least 2 billion Euros on the spot market between January 2010 and December 2011, or a monthly average of at least 20 million derivatives contracts on the markets they operate on.
Also, the potential buyer must is not allowed to have a government or any other local or central authority as a shareholder owning more than 50%. Furthermore, the buyers need to fulfill several criteria for the development of the two companies and of the infrastructure of the Bulgarian equity market.
* The BSE supports the Moldovan stock marke
