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3 October 2003
Performance of the obligations under the agreement
for privatization sale of 80% of the capital of KCM SA, Plovdiv
concluded on 25.07.2000
In its letter addressed to the Executive Director of KCM 2000 SA
- As. Prof., Dr., Eng. Nikola Dobrev, the Post-privatization Control
Agency advices the managing body of the company on the performance
of the obligations during the post-privatization control period
in pursuance of the agreement for privatization sale of KCM SA,
Plovdiv.
The information reads that during the three year period of control
by the Agency the Buyer has performed its duties under the privatization
deal as follows:
- Payment of the purchase price.
 During the
period under control KCM 2000 SA has paid the sum of BGN 18 436
583.74. On 19.08.2003 the second annual installment was made to
the amount of BGN 1 538 014.40.
The outstanding
part of the purchase price amounts to BGN 9 542 546.86 and it
is due for a term of 7 years.
- Fulfillment of the investment program.
The amount
of the obligations assumed by the Buyer under the fulfillment
of the investment program runs up to USD 8 000 000 (for the period
2000-2003). In the end of 2002 the program was fulfilled ahead
of schedule. Additional USD 1 926 318 have been invested in different
projects of KCM SA.
- Fulfillment of the employment program.
The contractual
conditions for the period 2000-2003 provide for decrease of the
annual average staff from 2310 to 2160 people. The fulfillment
of the employment program is a result of the restructuring that
was made, optimization of the work places and a certain number
of employees being put on the old age pension.
As regards the other commitments undertaken under the privatization
contract the Agency has not found any negligence and non-feasance.
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