Public Tender

 

The public terder  is held  generally in two stages - preliminary and final.

The organization and the conduct of the public tenders are charged to a tender commission. The tender documents  are  approved by the Privatization Agency simultaneously with the adoption of the Decision on Sale that is published in the Official Gazette and in at least two central newspapers.

A certificate of registration is issued at the first stage of the tender to all potential investors that have purchased the tender documents. The potential investors are provided with the opportunity to conduct their own limited due diligence in compliance with the conditions and the procedures specified in the tender documents. The participants in the procedure shall submit with the PA an indicative offer. The deposited offers shall be recorded in a register, containing an entry number, date and hour of deposition, and shall be opened on the day after the deposition at the latest. The tender commission shall draft a motivated report that shall represent the contents of the indicative offers, and the PA shall specify the participants that are admitted to the final stage.

The tender commission specifies the conditions for the final stage, which shall contain the conditions and the procedures for the conduct of a comprehensive due diligence, a list of the relevant documentation, the amount and the deadline for the payment of the deposit, the requirements relevant to the contents of the offers, the criteria for assessment, a draft privatization contract, and the deadline for the deposition of offers. The participants who have paid the deposit shall be issued with a certificate of registration and shall deposit their binding offers that shall be opened on the day after the deposition at the latest. The tender commission shall assess the offers and shall draft a motivated report, after which the PA will decide on the selection of the buyer and shall set the term for signing the privatization contract.