Bulgaria’s Privatisation Agency board of governers approved the sale of Bulgartabac to BT Invest, the Austrian firm owned by VTB bank of Russia, according to Sofia News Agency.

BT Invest was the sole bidder. Its offer of EUR 100.1 million includes a pledge to buy 5,000 metric tons of Bulgarian tobacco annually for the next five years and a two-year investment program, the agency said on its novinite.com website. The privatisation agency next will prepare a sales contract, which also is subject to approval by its governing board, the news agency said. (pi)