Bulgaria will put up for sale a 35% state-owned stake in the national telecom BTC in exchange of compensatory bills at the Sofia Stock Exchange at the end of January or the first half of February 2005, it was announced on Friday. The government is to retain a golden share in BTC, entitling it to block decisions, which concern the activity of the company. The initial price of BTC shares to be traded on the bourse will be announced no later than three days prior to the equity listing, Atanas Bangachev, CEO of the sale body said. A special presentation will be prepared for potential buyers, state officials and representatives of the BTC said. In June, Bulgaria sold a 65% stake in BTC to Vienna-registered Viva Ventures GmbH for EUR 280 M. The state competition watchdog has recently greenlighted the third GSM license awarded to the BTC on June 7. The telecom was given the licensing document several days later after it remitted the negotiated fee, amounting to BGN 54,160,000.