Scientific paper ID 1969 : 2020/3

The first stage of mass privatization is a key moment in the new economic history of the Republic of Bulgaria. Through it, much of the state property is disposed of through investment vouchers presented by the state for free to the adult population of the country. Each eligible citizen was provided with BGN 25,000 in the form of investment vouchers, allowing the investment in the enterprises to be made directly by the citizens or through the mediation of specially formed 81 privatization funds. Part of the privatization funds were formed with a specific investment purpose for investing in a certain economic sector, for example PF “Nicotiana - BT AD /targeted at the tobacco industry/”, Mel Invest Privatization Fund AD /directed to the grain-producing enterprises/, National Privatization Fund ”Transport /Transport-oriented/ etc. The purpose of this article is to examine the involvement of the National Privatization Fund Transport in the first stage of mass privatization conducted in 1996. - 1997 at three auction sessions. The participation of the privatization fund and their investment behavior in the three tendering sessions are monitored. A large part of the presented 1,050 enterprises were divested during this period and the transformation from state capital to private capital took place.