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Aleksandras Nikonovas, the CEO of GGG, is confident that the factory will attract interest from potential buyers.

"There will be interest. I have no doubt about that," he told BNS.

However, the CEO said that he had no information about what investors could participate in the privatization.

"I don't have that information, because everything goes through Turto Bankas," he said.

The state assets manager Turto Bankas (Asset Bank) has set the initial price for 100% of shares in the company at 5.032 million euros.

Potential buyers can submit their bids from Mar. 18 through Apr. 27.

The requirements for an investor include a minimum of 10 years experience in the manufacture of weaponry, annual revenue of at least 20 million euros for the past five years and average net assets of no less than GGG's average net assets of 4.92 million euros.

The buyer will have to commit to not change GGG's core business until the factory has repaid its debt to the state, to maintain at least 90% of jobs for a year, and to invest at least 4.6 million euros in the company.

Since 2006, GGG has been selling more than 90% of its products to the armed forces, special services and other institutions of NATO and other countries.