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AIG Investments take over 90% of Bulgarian Telecom

AIG Investments, which is part of the US insurance giant AIG Global, has taken over 80% of the shares of Bulgarian Telecommunications Company (BTC), Bulgaria’s leading fixed- line telephone operator.

The shares were bought for $1.8 billion on the Sofia stock exchange, the Bulgarian press agency BTA reported. AIG Global had agreed the takeover deal with Bulgarian Telecommunications Company at the beginning of May. With 2.9 million fixed-line customers, BTC holds 97% of the fixed-line market in the Balkan country. Its mobile telephone services provider Vivatel has a market share of around 10%.

(BBJ 20.viii.07)

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