Банкеръ Weekly



After almost six years of privatisation throes, the Plovdiv-based cosmetics manufacturer Alen Mak AD at last went into private hands. On January 23 the Swiss company Effecten und Finantz-Bulgaria celebrated with champagne its winning the tender for the enterprise. On the same date the contract between the Privatisation Agency (PA) and the company, controlled by Swiss capitals, was signed. The deal for the sale of a 57% stake in the cosmetics producer is worth USD5,555,000, payable in cash.As expected, the Swiss investor was represented by the former manager of Balkanpharma Holding Petar Terziev. Just a few weeks ago he sold his 5.14% share in the Icelandic pharmaceutical company Pharmaco, which is the owner of Balkanpharma. Calculations show that the money Mr. Terziev got for his package is almost as much as the privatisation price of Alen Mak AD. However, he noted that he is just a local representative of the Swiss company and does not hold a share in Effected und Finantz-Bulgaria.Mr. Terziev explained as well that he found the Plovdiv-based cosmetics manufacturer in a very grave financial situation. According to preliminary estimates, Alen Mak posted some BGN5,500,000-5,700,000 in losses for 2001. The enterprise also has ZUNK liabilities of BGN5MN. The buyer intends to restructure the entire production by stopping the manufacture of loss-making brands and launching high-quality cosmetics on the market. Foreign experts will be probably invited into Alen Mak's management. A two-tier management system (with a Supervisory Board and a Managemnet Board) will be introduced as well. Mr. Terziev promised that Alen Mak would remain a public enterprise and its shares would continue to be traded on the stock exchange. He claims that he is in very good relations with the minority shareholder EPIK, which owns 22.36% of the Plovdiv-based enterprise. So, the representative of the Austrian investor Keneth Lefkovitz will probably remain in the company's managerial team.

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