Bulgarian State Re-acquired Military Aviation Repair Plant Avionams

The re-acquisition cost almost 29 million BGN. The buyer is the State Consolidation Company (SCC).

The State Consolidation Company became the owner of the Avionams military aviation repair plant, the Ministry of Economy said on 15^th of May. It has paid nearly 29 million BNG and already owns 99.9% of the company. "Avionams" specializes in the repair of aircraft and before the privatization was called "Terem - Georgi Benkovski".

In May 2016, 2,090,729 shares, owned by Hedge Investment Bulgaria AD, were offered for sale. The money is owed to the collapsed Corporate Commercial Bank. Within the statutory timeframe, the SCC paid BGN 28,941,111, the ministry of the Economy explains. An appeal against the decree of the private bailiff followed, however, the SCC took steps to stabilize and develop the company by providing funds for the payment of unpaid wages and for the continuation of the company's activity.

“Avionams” AD (formerly "Terem - Georgi Benkovski") is one of Europe’s leading plants for major repairs and maintenance of helicopters and fighter jets. The main part of the plant is located in Graf Ignatievo Air Base near the city of Plovdiv, South Bulgaria. Returning it back to state hands will ensure its sustainable development, full service of the Air Force technical equipment and maximum protection of the state interest, the Ministry of Economy explained.

The State Consolidation Company, which owns “Avionams”, is the second largest state-owned company after the Bulgarian Energy Holding. The company was set up to sell parts of companies without the money being redeemed to the pension fund. It covers most companies that are subordinated to the Ministry of the Economy.