44% In Sofia Stock Exchange For Sale

The Bulgarian Government will seek an investor for the control stake of 44 per cent in the Sofia Stock Exchange in an attempt to turn this market into a regional player, Bulgarian Minister of Finance Simeon Djankov announced.

"Our plans are to find an investor in a relatively short timeframe, namely a few months, so that our Stock Exchange may become a regional player," said Djankov.

According to the Bulgarian official, the list of potential investors interested in the Sofia Stock Exchange includes the Deutsche Boerse and the Wiener Boerse. The Sofia Stock Exchange is already using the German-based trading platform Xetra, whereas the Wiener Boerse is already present in the region through important stakes in the Stock Exchanges in Budapest, Prague and Ljubljana.

"The investor we are looking for must be a relatively large investor, such as the German stock exchange or the Austrian stock exchange. They have already expressed interest in this project," Djankov said.

Wiener Boerse officials say they are potentially interested in a stake in the Sofia Stock Exchange, but have not had any discussion in this respect. In turn, Deutsche Boerse representatives declined comment.

The Bulgarian Government"s previous attempts to sell the control stake in the Sofia Stock Exchange failed, despite notable interest from several stock exchanges in Western and Eastern Europe.

The Wiener Boerse last week acquired stakes in the Stock Exchanges in Ljubljana, Prague and Budapest. Wiener Boerse Chief Executive Heinrich Schaller in July 2009 said that the exchanges in Croatia, Serbia, Romania and Bulgaria would important choices for the Wiener Boerse, should they be put up for sale.