Koc Holding deal still a sticky issue

22 Jul 2003

A preliminary agreement has been reached for the sale of a 65% stake in state PTO Bulgarian Telecommunications Company (BTC) to a consortium led by Turkish group Koc Holding. Koc Holding has upped its original offer by EUR30 million to EUR215 million, pledged to increase the company’s capital by EUR50 million and committed to investing EUR618 million over five years. The deal cannot be finalised however, until the Supreme Court returns a verdict on alleged legal irregularities concerning the sale.