Vivacom plans to abolish preferential golden share

21 Aug 2013

The Bulgarian government is reportedly facing a potential dissolution of its exclusive rights to veto decisions related to local mobile, fixed line and broadband operator Vivacom (formerly Bulgarian Telecommunications Company). Standart News reports that the first item on the agenda for Vivacom’s forthcoming general shareholder meeting, scheduled for 16 September 2013, is turning the preferential ‘golden share’, currently in possession of the Ministry of Transport, Information technology and Communications (MTITC), into registered shares. Provided that the new majority owner of Vivacom – the holding company Viva Telecom Bulgaria – acquires all shares in the telco, the company will also change its legal status to a stock company, and will be de-listed from the Bulgarian Stock Exchange (CBSE). According to TeleGeography’s GlobalComms Database, by 1 July 2013 Viva Telecom had already obtained shares from 58 of Vivacom’s public shareholders, upping its stake to 99.79% of the company in the process.

Bulgaria, Vivacom (BTC)