Банкеръ Weekly

Briefs

AGROPOLYCHIM BUYER IS ALREADY MAKING PROFIT

Only a year after finalising the privatisation deal for the Agropolychim fertilizer plant in Devnya, it became clear that the buyer, Acid and Fertilizers (a consortium between Union Miniere and Hardland Investment), has acquired almost all its assets, without undertaking further engagements whatsoever. Soon after signing the contract for privatization of 63% of the company's equity, state authorities have written off its liabilities to Bulgargas. A year later the majority owner increased its stake in the company up to 93.9% through writing-off Agropolychim's liabilities to the copper plant in Pirdop (owned by Union Miniere). A new General Assembly was called for the 1st of December, which will vote the distribution of the 1999 profit, amounting to BGL35.38MN.

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