The state controlled tobacco holding Bulgartabac sold out 85.24% of its tobacco processing unit in Pazardzhik at the price of BGN 4.7mn (EUR 2.4mn) on the local stock exchange yesterday. The price is more than 3 times higher than the set bidding floor and well above our expectations based on the weak income balance of the plant. Four companies have participated in the auction but names are not officially announced yet. Bulgartabac has sold 80.6% of its printing and paper packaging plant in Plovdiv for EUR 16.6mn on the stock exchange in early October. It will tender several other tobacco processing units in short terms but will retain majority stakes in the main cigarette makers in Blagoevgrad, Sofia , and Plovdiv . The state holds 80% of the holding while the remaining 20% is floated on the local stock exchange. It has posted a non-consolidated net profit of BGN 20.9mn (EUR 10.7mn) in Jan-Sep and the net earnings will rise further in Q4 on the back of the sell-offs mentioned above.