(End of December
1994)
|
State-owned
Enterprises
|
Municipal
Enterprises
|
Privatization Decisions
|
953
|
1124
|
Commissioned Valuations
|
620
|
627
|
Concluded Transactions
|
229
|
431
|
Total
|
1802
|
2182
|
Source: Privatization Agency
The data about initiated privatization
procedures (see Table 1)
indicate that despite its late start, Bulgarian
privatization is gaining momentum. More than 25% of the Bulgarian
state-owned enterprises and more than 7% of the municipal ones are
in the process of privatization. About 230 state owned enterprises
and 431 municipaly owned were sold by the end of 1994.
Privatization procedures have been instituted for about 1 500 state
enterprises and about 1 800 municipal.
One of the chief goals of privatisation,
along with the withdrawal of the state from the management of the
economy on a microeconomic level, is for the enterprises to be
restructured and, once they have acquired real owners, for their
activity to be based on the principles of competition and the
market.
The different privatization methods provide
different ways of achieving those objectives. The capital (market)
privatization favored by Bulgarian legislation is still the
dominating privatization method. One of the unquestionable
advantages of the capital privatisation is the speedy restructuring
and adjustment of the privatized yet enterprises owing to the
presence of a real owner-entrepreneur and the ensuing more
efficient management system. As it is seen from the table,
(see Table 2) the state owned enterprises are privatised and transfered
mostly to an individual owner.
Table 2.
PRIVATIZATION TRANSACTIONS* BY TYPE
OF BUYER
Type of Buyer
|
Per cent from the Total Number of
Transactions
|
Per cent from the Total
Revenues
|
Foreign Companies
|
7.3
|
34.3
|
Bulgarian Private companies
|
60.5
|
53.5
|
Bulgarian Natural Persons
|
8.2
|
0.7
|
Personnel
|
19.2
|
5.8
|
Managers
|
0.8
|
0.1
|
Others (Investment Fund,
Cooperatives)
|
5.6
|
|
Total
|
100.0
|
100.0
|
|