Bulgaria has set at EUR  5 mln the minimum sell-off price for its national flag-carrier Bulgaria Air. The Privatisation Agency Thursday flagged off the final stage of the privatisation procedure for a 99.99% stake in the company. The price component of the bids will carry a 30% weight in the final grade; investment pledges will contribute 35% of the grade, followed by payroll policy with 15% and new destinations with 20%.

The final bids are due by October 5.

Indicative offers for the carrier were filed by Balkan Hemus Group and Air One Bulgaria EOOD, the local subsidiary of Italy's Air One. Balkan Hemus Group is controlled by Varna-based business conglomerate TIM.

The procedure is open to strategic and financial investors. Strategic investors are required to certify EUR 150 mln in revenues from aviation services for each of the past 2 years and passenger traffic of 0.75 mln for the same period. The financial investors are required to manage assets of EUR 250 mln and control equity in other commercial corporations worth over EUR 150 mln.

            Source: Dnevnik a.m.