Банкеръ Weekly

Briefs

EXPECTING A DEAL WITH KREMIKOVTSI

A preliminary agreement has been signed that Global Steel Holding Ltd. will buy the entire capital of Finmetals Holding AD, an announcement sent to the Bulgarian Stock Exchange-Sofia by the majority owner of the Kremikovtsi iron and steel works, reads. It claims that the deal will be finalized within 60 days if all undertaken commitments as per the agreement are fulfilled. A little more than a month ago representatives of Global Steel Holding Ltd. - a company owned by the Indian family Mital - specified that only changes in the Bulgarian company's Board of Directors and Supervisory Board had to be made in order to end successfully the negotiations.I that way the owners of Finmetals Holding (Svetlana Ivanova Dimitrova, with a 50% stake, Valentin Zahariev, with a 40% stake, and Kiril Zahariev, with a 10% stake) insure against not reaching a deal after all. The announcement will not be regarded as manipulative as the conditions under which no purchase contract will be closed have been pointed out as well. What makes an impression is that the prices of Kremikovtsi's shares rose by 25.34% within a day, reaching BGN23.74. It should be noted that this sale was several times accumulated in the enterprise's price. Presently, the Financial Supervision Commission is inspecting the trade in the company's stocks. Finmetals Holding owns 71% of the iron and steel works' capital, which is blocked due to liabilities to the Post-privatisation Control Agency. The holding's managers have disregarded this fact when deciding to sell Kremikovtsi.

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