Банкеръ Weekly



The ice-cream producer Delta Bulgaria AD will buy the Varna-based company Vitalact. The decision will be approved at the general meeting of Delta's shareholders, scheduled for November 3. Vitalact is owned by the Greek firm Delta Ice-Cream, which holds 60% of the buyer's capital as well. The other shareholders in Delta Bulgaria are: the Black Sea Fund (with 15%), LB Bulgaricum (with 10.85%), the Greek company Commercial Capital (with 10%) and SG EXPRESSBANK (with 3.33 per cent). The deal's price won't be higher than EUR3.6MN. The step is aimed at consolidating the Greek company's ownership in Bulgaria, Georios Makridopolous, Executive Director of Delta Bulgaria, explained in front of the BANKER weekly. The purchase won't influence the production cycle of the ice-cream manufacturer, which uses for its products milk from Vitalact's range of articles. It is interesting that on June 18 a new firm - Vitalact Milk, with equity capital above BGN1MN, that is also owned by the Greek company - was separated from Vitalact. Vitalact Milk has undertaken the entire core operation of the Varna-based company, i.e. production and processing of milk products and trade in them. Thus, Vitalact, which capital is over BGN5MN, has practically remained in hold of buildings and land only. The single thing it is engaged in at present is to lease out its assets, at that to Delta Bulgaria. The owners in Greece are the only persons who know the reason for the separation, the Executive Director of Vitalact Milk Dimitrios Galatas said. Delta Ice-Cream purchased 73% of Vitalact (the former state-owned Dairy Industry in Varna) in October 2000 against BGN2.7MN. By the end of the same year it bought out almost all remaining shares of the company and became owner of 99.67% of its capital. Delta Bulgaria posted a profit of BGN2MN for the first six months of 2003 and made the same amount of investments in that period. The company's turnover for the first half of 2002 was BGN3.5MN.

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