site.bta"Blue Sofia" Proposes Six Joint Stock Companies Owned by Sofia Municipality to Become Public Companies

Municipal councillor Vili Lilkov from Blue Sofia told a briefing Thursday that the local coalition has submitted a report demanding that the joint stock companies owned by Sofia Municipality - heating company Toplofikacia Sofia, the Centre for Urban Mobility, Sofia Bus Transport, Sofia Electric Transport, Metropolitan, and Sofinvest - be upgraded to the status of public companies traded on the stock exchange, where up to 35% of the companies' capital shares should be offered.

The proposal fully complies with European legislation, and establishes the highest standards of transparency and accountability, Lilkov said. In his words, this transformation will limit political interference in the management of municipal companies, reduce opportunities for corruption and abuse and provide better conditions for the development of these companies on a market basis, while the sale of shares will generate additional revenue.

After a nine-hour meeting on July 11, the Sofia Municipal Council changed the management of six major municipal companies with an annual total turnover of over BGN 3 billion. The city councillors adopted a report on announcing a public election for members of the boards of directors and supervisory boards of the six municipal companies. Days after, Sofia Mayor Vassil Terziev returned the decision of the Council because, according to him, it was not only unprincipled but also illegal.