Bulgaria's Privatisation Agency has suspended the sale of ailing manufacturer Balkancar Holding and its subsidiaries after a break-down in four-month negotiations with the sole bidder.

Balcars Consortium, comprising Bulgarian industrial conglomerate Industrialen Kapital Holding and several of its subsidiaries, offered less than the minimum price for the state-owned stakes in Balkancar subsidiaries. The sale was suspended on November 20, the Bulgarian News Digest reported.

Currently, seven of the 14 subsidiaries are majority-owned by Balkancar and seven by the country's economy ministry. Balkancar has incurred outstanding debts of BGL140 million (USD88 million).

But Balkancar Holding would sell its stake in Afrocommerce of Nigeria, a joint venture which manufactures forklifts, receiver Boyana Karaivanova said. Balkancar's 20% stake in the venture is valued at USD 63,000.

Ms Karaivanova told the PARI Daily she hopes that, "by the end of the first quarter next year, we will sell the holdings in Poland, the Czech Republic, Hungary and Serbia".