The Privatization Agency announced on March 25 the start of the privatization procedure of Bulgaria’s tobacco monopoly Bulgartabac. The government has made Bulgartabac’s privatisation along with that of telecom BTC a top economic priority for this year.Bulgaria will sell from 51 to 80 percent of Bulgartabac by mid-year and will not set a minimum price under the privatization strategy. "Bidders may buy tender documents from March 26 until end-April and place bids until May 3," the agency said in a statement. The holding will be sold with a two-stage competitive tender, which will last 16 weeks. At the end of the first six weeks potential bidders will be invited to submit their letters of intention and initial offers. Within two weeks after the first deadline the Privatization Agency will shortlist five candidates that will participate in the second stage of the tender. These five candidates will have to submit their final offers, quoting the price, planned investments and development strategy. In the case of Bulgartabac, retaining the tobacco production will be the top priority. Officials, quoted by Reuters have said up to 13 potential investors, including industry majors like Philip Morris and British American Tobacco have expressed interest in the company. Bulgartabac’s 22 domestic subsidiaries, including 12 processing factories, nine cigarette factories and one producer of tobacco driers, filters and packing as well as the company’s five subsidiaries in Russia and one each in Ukraine, Romania and Yugoslavia will be sold as a whole entity. The state will retain a golden share in the company after the sale. 13 percent of the Bulgartabac Holding stock may be floated later on the Bulgarian Stock Exchange.