Bulgaria launched on November 14 2011 its 14th consecutive public tender envisaging the sale of Government stakes in local companies.

The state will place stakes in a total 25 entities on the Bulgarian Stock Exchange (BSE), the bulk of which are smaller holdings in small-size companies.

Among the assets are the duty-free zones of Bourgas, Plovdiv, Svilengrad and Varna, for which it will be paid in cash. Stakes in other companies at the tender will be offered against compensatory notes.

The country is also seeking a buyer for its 7.6 per cent stake in private equity company Zografski, the owner of Sofia-based Kempinski Hotel Zografski, which has a starting price of 3.5 million leva.

The duty-free zones, whose privatisation is part of the Government's anti-crisis package, will be now offered at prices significantly lower than those in the previous tender.

The state will also put up for sale a 29 per cent stake in Lesilhart-Silistra and a stake of about 10 per cent in Software Products and Systems - Sofia.

The tender will run until November 24.